Despite the recent gains in China's property stocks, investors remain concerned that uncertain effects of the government's clampdown on property market may lead to further tightening measures, Monday's China Daily reported.

"If the developers maintain high prices, the government may implement even harsher measures that are likely to target real estate companies by controlling bank loans to them," the newspaper quoted Wei Fengchun, an analyst at China Securities, as saying.

But Xia Junjie, a portfolio manager at Lion Fund, held a different opinion. "The government will likely take time to evaluate the efficacy of its measures and not introduce additional controls in the meantime," he said.

He added the property sector was unlikely to rebound until the third quarter when the government measures begin to work.

The property stocks have declined more than 30 percent since April, making the worst performing sector this year.

But the property stocks rebounded last week as the central government seemed to be slamming the brakes on its price tightening measures.

The benchmark Shanghai Composite Index has regained the 2,600-point last week territory after slumping nearly 20 percent from the peak of 3,338.66 points in last November.