Economy

Home prices may fall to early-2009 levels

(Agencies)
Updated: 2010-08-30 11:51

China will continue to curb property speculation regardless of recent changes in housing prices, Xia Bin, a senior government advisor, told a weekend forum in Shanghai during the weekend, Reuters reported.

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People should not expect any change in policy, even if there are some fluctuations in property prices, said Xia, who is also an academic advisor to the central bank.

Pan Shiyi, chairman of Soho China, said housing prices might fall to early-2009 levels, according to the Shanghai Securities News.

Housing transactions have decreased in recent months. Property price increases in 70 major cities slowed to 10.3 percent in July from 11.4 percent in June.

China introduced a series of measures in April, including higher down payments for second apartments and an end to mortgage loans for third homes, to stop speculative housing purchases.