10 Mar '11, 11pm

China's home prices to fall later this year, says bank adviser: BEIJING - China's home prices will decline later...

BEIJING - China's home prices will decline later this year, with sales volume already falling following purchase restrictions by local governments, said Mr Li Daokui, an adviser to the People's Bank of China (PBOC), the country's central bank. A 5- to 10-per-cent drop in home prices will be a "significant achievement", he said in Beijing yesterday. Cities such as Chengdu in south-western Sichuan province should be able to remove restrictions in a year-and-a-half because home prices are not as high as those in Beijing or Shanghai, he added. Chinese Premier Wen Jiabao said over the weekend that China would "resolutely" press ahead with controls on the property market to curb speculation, reiterating a pledge to keep housing affordable. The government will "severely punish" irregularities in the real-estate market, implement differentiated credit and tax policies, and hold lo...

Full article: http://www.todayonline.com/Business/Property/EDC110311-00...

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