In spite of the government's repeated efforts to curb surging urban property prices, deep-pocketed property developers have no intention of slashing housing prices.

A total of 5.69 trillion yuan ($854 billion) has found its way to Chinese property developers over the first 10 months of this year, up 32 percent year on year, according to data from the National Bureau of Statistics (NBS). Among the 5.69 trillion yuan, 1.04 trillion yuan was from bank loans, up 26.3 percent year on year.

Real estate developers in China may have a capital source of 7 trillion yuan ($1.05 trillion) this year, more than last year's 5.71 trillion yuan ($857.5 billion), said the China Securities Journal citing analyst Tu Lilei with Haitong Securities Co. Ltd.

This year, China suspended mortgage loans for third-home purchases and pledged to speed up trials of property taxes to restrain foreign capital and cool real estate prices. The central bank raised interest rates in October and increased the reserve-ratio requirements for banks twice in November. This was meant to cool the sizzling housing market.

However, the market defied the government's efforts. According to SouFun Holdings Ltd., the nation's biggest real estate website owner, housing prices in 100 cities averaged 8,487 yuan ($1,267) per square meter in November, rising 0.82 percent over October, gaining for a second month even as the central bank raised interest rates for the first time since 2007.