Shares of mainland property developers fell yesterday as investors anticipated more local governments following Beijing's lead and announcing measures to check rising home prices. Shenzhen-listed China Vanke fell 1.21 per cent to 8.86 yuan (HK$11.29). The shares of both China Overseas Land & Investment and China Resources Land fell 2.1 per cent, to HK$23.15 and HK$21.35, respectively. The benchmark Hang Seng Index fell 0.71 per cent. "We believe the housing measures are likely to remain local rather than national but investors' concerns should affect near-term sentiment. We think the whole sector will be affected," Credit Suisse said in a report released yesterday. Country Garden, which has outperformed its peers, fell 5.42 per cent to HK$5.06. It is up about 25 per cent so far this year. The Beijing city government on Wednesday announced measures including the allocation of land to build 20,000 units of "self-use housing" this year. David Hong, the head of research for China Real Estate Information Corp, a unit of US-listed E-House China, expects other cities to follow Beijing's lead and implement measures. "Even if other cities follow with their own housing measures, the direct impact on the housing market may be mild in the near term but the impact on the stock market sentiment should still be negative," Credit Suisse said. The central bank has started to drain liquidity. The tightening process is likely to be gradual but it will still be a negative for the property sector.