However, overheating prices in Guangdong's real estate sector might have also contributed largely to its economic growth in 2016, Liu Xuezhi, a macroeconomist with the Bank of Communications told the Global Times on Monday.
"The housing market definitely lift ed economic growth," he said.
Guangdong is home to two first-tier cities - Guangzhou and Shenzhen - with some of the most expensive housing prices in the country.
In 2016, commercial housing sales reached more than 1.6 trillion yuan, up 41.7 percent on year-on-year basis and real estate investment also grew by 20.7 percent, according to official data.
Experts said that the reliance on real estate could pose some risks for the Guangdong economy going forward. Xing, with the statistics bureau, also said in the article that Guangdong will have to implement regulations on the real estate market to stop it from overheating.