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Analysts say that one of Eichhorn's primary tasks as president of Audi China will be leveraging his experience to push forward the deal the German brand signed in 2016 with SAIC Motor to produce and sell cars.

Analysts said home price declines are not surprising in cities which experienced fast price growth in recent years. Rising lending costs, declining yields from rentals, and stricter home purchase regulations are driving hot money away from the residential property market in these cities.

And 36 percent of the top sellers were from China by June last year, compared to 15 percent two years ago.

Analysts attributed the IPO surge of Chinese tech firms to vibrant web-based industries. Innovations powered by internet technology are springing up and the group of tech-savvy young consumers is growing rapidly.

And the country is leading the world in high-speed rail, e-commerce, mobile payment and the sharing economy.