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Most of China's leading property developers have sold 70 percent of their 2007 completed projects and prices appear to be up seven to 10 percent this year from last, Macquarie Research Equities said in a report after meeting major property companies.

It added that a looming undersupply of new projects in the third quarter may push prices even higher.

Even a hike in interest rates won't stabilize prices, Macquarie said, adding that radical action to bring down asset prices remains unlikely anyway.

Macquarie said leading listed property developers are currently trading at a 12 percent premium to net asset value while earnings per share growth in FY07 is expected to average 49 percent.

Going forward into the third quarter, Macquarie said it continues to prefer China's commercial developers over residential, with key asset plays including Hang Lung Properties, Kerry Properties and SPG Land.

It said it is skeptical on how effective government measures taken to cool property development can be, given differing interpretations and enforcement of rules amongst cities, and even within districts of the same city.