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"China's development and progress is a long-term certainty, which offers the most important external environment for foreign businesses to work with China," Wang said.

"Council tax, even at the highest band, is not a significant cost, particularly for a high-net-worth individual, and we do not expect this announcement to impact the decision-making of owners or prospective buyers," said Lucian Cook, head of UK residential research at Savills.

"Considering the gradual recovery curve and the recent global outbreaks in multiple countries,-which will hold back Chinese travelers' willingness to go abroad-the loss of airport retailing business during the whole epidemic period could be as high as nearly a quarter of the annual income of duty-free stores," Yu said.

"Concerns have been expressed that the adspend in China has been contracting over the past few years. It might be true if it comes to the traditional channels like print media. But the surveys have not included the numbers in the digital area like WeChat Moments, where the future lies," she said.

"Compared with tenants in other regions, those living in Beijing, Shenzhen (Guangdong province) and Shanghai move more frequently than others. Young people who live in first-tier cities are facing more uncertainty in their lives," it concluded.