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"Cities with higher house price growth would all be under strong pressure, and it is highly likely for these cities to announce stricter tightening measures in the property market," said Zhang Dawei, chief analyst at Centaline Property Agency Ltd.

"China's twin cushions－foreign exchange reserves and extremely high domestic savings rates－provided it with both the resilience and policy space to proactively address major economic and financial threats, unlike more-vulnerable economies. This is increasingly important in a crisis-prone world," Roach added.

"Compared with traditional punishments which had limited influence and were hard to execute completely, the new approach is a more powerful deterrent," Liu said, adding that the move also contributes to building the broad social credit system.

"China's economy is in the midst of an impressive recovery" from the global health crisis, with third-quarter GDP growth coming in at nearly 5 percent, the Fortune article said.

"Correcting miscarriages in Zhang's case is also to remove improper regulations on the nonpublic economy, eliminate barriers for its developments, ensure fair competition in the market, create a sound business environment and inject dynamism into private enterprises."