But property development now accounts for a third of economic growth, so the government is unlikely to tighten credit as much as it did in the 1990s, analysts said.
Individuals now buy about 85 percent of homes, versus just 40 percent a decade ago, the central bank said.
So Beijing is likely to push for measures to help lower costs, and tax breaks for home buyers.
"The government is facing a dilemma. On the one hand, it wants to stimulate domestic demand. On the other, it worries the property market could become overheated," said economist Hu Angang.
"China has entered a housing stage backed by private buying. We cannot see any macro-control measures," Hu said.
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