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A plan to rejuvenate China's property sector has been submitted to the State Council for discussion and approval as part of the government's efforts to fight the economic slowdown, industry sources said yesterday.

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To ensure China's GDP growth stays well above 8 percent, the State Council is working on a package of plans to revive 10 pillar industries. So far, the government has passed such plans for the textile, steel and auto sectors.

Since the property industry is one of the biggest drivers of China's domestic consumption, contributing a quarter of fixed-asset investment and employing 77 million people, experts say its revival is vital.

Nie said the plan would be discussed at the annual National People's Congress session convened on March 5 or even ahead of that.

"Whether the government passed the plan or not, the property market has its own operational discipline. What the outside forces can do is to speed up or slow down the correction process," Nie added.

Industry experts said more loosening-up policies for the sector could be on the taxation and foreign investment side.

Though the central bank is proposing to set up real estate investment trusts (REITs) to ease the cash constraints of property developers, the double taxation imposed on both property assets and dividend payment of REITs hasn't been addressed yet.

Meanwhile, as the whole world struggles with liquidity contraction, the government should consider changing its policy on restricting foreign capital into the property sector.

Due to the government's stimulus package and other rescue plans, the property price correction in China is expected to be slower than most other markets, thus damping buying opportunities this year, according to LaSalle Investment Management.