In an effort to beat the introduction of measures to cool the property market, homebuyers on the mainland spent 447.1 billion yuan (HK$529 billion) in the first two months of the year, up 26 per cent from the same period a year earlier, according to the National Bureau of Statistics.
The value of all property transactions, both residential and commercial property, was 524.2 billion yuan, up 27 per cent on last year.
But that is all set to change when this month's figures are released, say analysts.
'The surge in sales value came because buyers brought forward their purchases of homes before banks tightened their mortgage lending and scrapped their mortgage discounts,' said Alan Chiang Sheung-lai, head of residential property research at DTZ.
'But the situation will reverse in the coming months,' he said, as sales were already slowing.
He believed the volume and value of home sales would now start to fall significantly and said transaction volumes had halved in most cities so far this month.
Home sales in both primary and secondary markets had already almost come to a standstill, he added, as more cities implement central government policy on restricting home purchases.