The fuss is not new, given the non-stop hype about China's economic hard landing, but the facts tell a clearer story.

Keeping the lid on housing prices

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January and February always see lukewarm property purchases due to China's Spring Festival. The latest data show housing prices in most Chinese cities still kept rising in January, albeit by a smaller margin.

Meanwhile, China's urbanization rate is currently only over 53 percent, still far behind developed countries, which usually boast urbanization rates of over 70 percent. The continued urbanization drive will boost demand for quality real estate projects.

Therefore, it is unreasonable to predict an overall property market crash over regional jitters. The government should guard against the possible financial risks that market fluctuations may create and take measures to address housing problems at the local level.

Most importantly, it should ring the alarm for profit-seeking property developers and GDP-fixated local governments to rein in irrational real estate development and proactively adjust policies before it is too late.

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