After letting two giants Country Garden and Evergrande fall into bankruptcy, China has finally launched a "lifeline" for China Vanke, the country's second largest developer by sales.

According to Bloomberg , a few days ago, policy makers also met with many real estate giants including Vanke, Longfor Group Holding, Gemdale Corp and Poly Developments Holdings Group.

Strong support signals from Shenzhen authorities and commitments from major shareholders have helped Vanke's USD-denominated bonds rise sharply in price.

Still, investors are looking for more drastic measures to feel truly reassured, with the market expecting Beijing to take further steps to reverse the crisis that has gripped the property market for years.

“After the government signal that it will support the real estate sector, we think investors need to see more concrete actions before they come back,” Andy Suen, head of Asia bonds at asset manager PineBridge Investments, told Bloomberg .

Wilson Er, portfolio manager at fund manager Kamet Capital Partners, called on regulators to take steps to restore homebuyer confidence.

This could be achieved through the establishment of real estate business groups, adjusting capital mobilization costs and cooperating with state-owned builders, he said.

With home sales still falling and developers defaulting, investors want to see bold and concrete measures such as cheap financing and local governments taking over unfinished projects. Investors are also hoping to replicate what Shenzhen did for Vanke.