China's property market has started to cool down after the government introduced new regulation policies, with the country's four first-tier cities of Beijing, Shenzhen, Shanghai and Guangzhou all seeing their property trading volume go down, the Shanghai Securities News reported Tuesday.

Property trading volume went down 64 percent last week from a week earlier in Shenzhen, down 45 percent in Beijing, down 38 percent in Shanghai, and down 2 percent in Guangzhou.

In China's 35 main cities where housing market data was monitored by the newspaper, 21 saw their trading volume of commercial housing area go down last week, with the figure in Hangzhou going down 73 percent.

The government's new regulation policies have an obvious effect on curbing speculation in cities where property prices are going up too fast, and China's property market will enter a long wait-and-see period as the new policies take effect, an analyst said.