Cash-hungry domestic developers are finding it increasingly hard to borrow from banks, and securities regulators are still withholding approval of initial public offerings.

Meanwhile, foreign investors are posing greater competition as they pursue property in China, given its favorable long-term prospects.

Bank lending used to be the most important capital source for property developers. But the percentage of bank loans in the overall capital mix of developers declined from more than 20 percent in previous years to about 15 percent in 2012, according to Hui Jianqiang, research director of Beijing Zhongfangyanxie Technology Service Ltd.

Meanwhile, the participation of foreign capital is rising rapidly. Although accounting for only 0.5 percent of all development capital during the third quarter, foreign investors put 15.7 billion yuan ($2.6 billion) into real estate, up 46.7 percent quarter-on-quarter.

But there are also rising concerns that commercial property is headed for a glut. Competition in the retail sector has intensified as new supply surges, posing significant challenges for existing projects. For example, in the third quarter, a shopping mall closed in Tianjin.

In addition, mid-range department stores face mounting operational challenges from the dual pressures of shopping malls and the increasing popularity of e-commerce, according to global commercial real estate services firm CBRE Group Inc.

Analysts said that they anticipate more operational failures and withdrawals from retail property in some cities as supply escalates.

However, Jeremy Helsby, group chief executive of United Kingdom-based real estate adviser Savills Plc, advised investors interested in Chinese property assets to be patient.

"I call it growing pains. China is growing, and when you grow, you have pain. In the long term, there will be huge growth coming in, and [empty properties] will gradually be occupied," said Helsby.

Public information shows that SCP is building partnerships with various foreign investors. In May, the company sold a 49 percent stake in the Suzhou In-City Mall and the Hangzhou Gudun In-City Mall, two regional shopping malls it owned and operated, to another global alternative asset manager, The Carlyle Group LP.

Cai Xiao in Beijing contributed to this story.