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"By setting up this portfolio, we hope to develop a proof of concept that over time we will mobilize other like-minded investors to join us in cultivating an ESG market in Asia," Lee said.

"China has never compromised, and will not compromise when it comes to safeguarding the one-China policy," he said, adding that China will take countermeasures against the "destructive" US practice.

"Buyers are comparing the price and location of proper-ties carefully. In the past, buyers would flock to projects with price appreciation out of fear that they would no longer be able to afford them if they wait. Those kind of buyers have disappeared", said Lu.

"Buying home is still a hot topic in smaller cities like my hometown Jinhua in Zhejiang province, with considerable people making the purchase during the Chinese New Year holiday," said Yan Yuejin, research director of the E-House China R&D Institute.

"But the science is clear and the evidence irrefutable: mask-wearing, social distancing, and limits to social gatherings are vital to helping prevent transmission of the virus," he said.