Several property developers could be "caught out" if market conditions turn quickly, credit analyst Bei Fu said in a report. Debt issuance is likely to weaken the credit ratios of Evergrande and Country Garden, it said, according to Bloomberg.

The country's leading property developers recorded robust sales in January, but the government's latest round of tightening measures in late January are expected to result later in plummeting sales.

"We proactively did promotions during the holidays, but February's sales are still likely to drop sharply from January," said Tan Huajie, the board secretary of Vanke Co Ltd. The Shenzhen-based Vanke, China's largest property developer, saw its revenue rise 221 percent last month from a year earlier, making it the nation's first residential property developer with monthly sales in excess of 20 billion yuan, But those sales came before the government extended property curbs to rein rising housing prices.

Last month, China raised the minimum down payment for second-home purchases, told local governments to set price targets on new properties, and introduced taxes for residential properties in Shanghai and Chongqing. The central bank also raised interest rates last week for the third time since mid-October.