This is an excerpt from the business times breaking news.
July 5, 2010, 1.22 pm (Singapore time)
China property prices to fall before long: minister
BEIJING - China's property prices will fall within a few months as government steps to cool the real estate market bite, Xu Shaoshi, minister of land and resources, said.
China introduced a slew of measures in April, including higher down payments and mortgage rates, to curb excessive real estate price rises, which the government sees as a threat to social stability.
'Property transactions have fallen now and prices have stagnated,' Mr Xu told a meeting of ministry officials on Sunday in Dalian, a northeastern port city.
'In another quarter's time or so, the property market will probably come to a full correction and prices will fall. But it's hard to say to what extent they will fall,' the official Xinhua news agency and other domestic media quoted him as saying.
Mr Xu added that China's land market had cooled and Beijing would continue to build more affordable housing, which could pull down the average level of house prices.
Nationwide, property prices rose 0.2 per cent in May, leaving them 12.4 per cent higher than a year earlier. The increases were smaller than in April. -- REUTERS
The china property market will take lead the downtrend. The rest of the region, where property markets are over heated will follow suit. Just wait for a quarter or two and we can strike using all our reserves in our war chest.
Wait no further, save more cash now.