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People's Daily Online>>China Business

2012 housing prices expected to fall modestly

(Xinhua)

08:40, March 08, 2012

BEIJING, March 7 (Xinhua) -- Li Daokui, an adviser to China's central bank, said Wednesday he expected housing prices to decline definitely this year, but a collapse in the property market is not likely.

Li's view on the real estate market came at a press conference at which the country's political advisors were invited to share their perspectives on the government-subsidized housing market.

"In general, there must be declines in housing prices this year. That is for sure," Li said when asked about the outlook for the previously runaway realty market. "But I don't think there will be a price crash as many people had expected."

Li, who is a member of the Monetary Policy Committee of the People's Bank of China, the central bank, said a collapse in the housing market was not the intended result of the country's tightening policies.

"A massive property price crash as deep as 60 or 70 percent will undoubtedly be a major setback to the entire economy," said Li, who is also a member of the country's top political advisory body.

Housing prices in China continued to fall in January as the government remains determined to stabilize the real estate market.

In January, 48 cities out of a statistical pool of 70 major cities saw declines in new home prices from December of last year, while new home prices in 22 cities remained unchanged, according to the National Bureau of Statistics (NBS).

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