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"Combined with the pentup demand, sales may witness a slight rebound," said Stephenie Zhou, head of project sales for JLL Shanghai. "However, prices are likely to be largely flat as policy restrictions are still in place," she added.

"Creditor committees have been running under the mechanisms of information sharing, collective meeting, concerted action, unified credit granting, joint prevention of risk and behavior constraint," he said.

"Coordination and integration between cities remain the key words of developing metropolitan areas," said Zhang Yansheng, chief research fellow at the China Center for International Economic Exchanges. Shenzhen, the most innovative region in the Greater Bay Area, may join hands with Hong Kong, which boasts top universities, capital markets and a modern service industry. Zhang suggested Guangzhou, as a city of trade and service, could also coordinate with Foshan, which boasts a high-quality traditional manufacturing industry.

"China values very much our regular monetary and fiscal policies. We will not pour cash into the market or adopt monetization of financial deficit. Negative interest rate will neither be implemented," he added.

"China still has a long way to go to beef up domestic smartphone screen production capacity, although progress is being made," Geng said.