Guangdong province has been the first to respond to the central government's directive requiring details of how local governments will implement measures to strengthen controls on the property market.

Its stance is rather mild, however, largely echoing the wording of the policy guidelines issued by the State Council on March 1.

But as more local government clarifications are in the pipeline, there is unlikely to be a repeat of the sharp rise in second-hand property transactions that we have seen in recent weeks as people rushed to sell or buy homes to avoid being affected by the 20 percent capital gains tax prescribed in the central government guidelines.