It is doing so through interest rate increases and through administrative measures, which include the raising of down payments on the purchase of second homes.

In late January, just before Chongqing and Shanghai launched their property taxes, the authorities announced new market-cooling measures. These included higher downpayments for buyers of second homes.

Officials have intensified efforts to cool the market -- from raising the minimum down payment for second-home purchases to levying taxes on residences in Shanghai and Chongqing this year.