Chang said that only three developers from the mainland have established a solid base in property-holding model: CR Land, Wanda and Franshion Properties (China) Ltd.

Companies like Evergrande, Wanda and Greenland Group have been at the forefront of the second diversification model.

However, most of these companies have developed businesses that are somehow related to property. For example, finance, a sector that has attracted many developers, has its natural proximity with property: developers deal with banks on a daily basis, and their clients－homebuyers－have huge financing demands.

"Evergrande is a standalone example. It could tap into the consumer goods market because it already had brand recognition on a mass basis. Most developers do not have that kind of recognition and hence it's difficult for them to do the same," Lin from China Real Estate Information Corp said.

Zhang Hongwei, head of the real estate consulting firm ToSpur's research branch, said behind Evergrande's multiple businesses, such as agriculture, is its quest for land. By building production bases, it can build a relationship with local governments and also ease the process of land acquisitions.

Though most of these efforts are yet to fructify, industry experts feel that such efforts would definitely pave the way for future success in a market that is becoming increasingly characterized by differentiation.

"The mainstream practice is still that of high turnover and fast fund recovery. Developers are still at the early stage of learning in terms of diversification. But the efforts are important because if you don't explore now, you might loose the advantage five years later," Chang from Fitch Ratings said.