Fresh data on property investment were also released today. Data shows that China's property market is still booming.

China's property market is in a recovery at least that's what the official data suggests.

Property investment in China gained 5.4 % on the year to more than 6.4 trillion yuan between Janurary and August.

Housing inventory in China has been shrinking for six months by the end of August.

"We see clear progress in de-stocking housing inventories. There was monthly drop in unsold homes in August in terms of both unit and space," said Sheng Laiyun, National Bureau of Statistics spokesman.

And there's a vital change in the demand for homes.

"Top cities like Beijing will see moderate growth in property prices. But the demand among home buyers are dividing, leading to price differences between homes in downtown and those in suburbs, between homes near park and those not, and between big units and smaller homes," Sheng said.

With major metropolises in China boosting land demand, analysts expect the property market in China to avoid being once again overheated.