Housing prices to see 'comprehensive' correction in 4Q

Falling sales volumes and stagnant prices could lead to a slump in prices, state media quoted the Minister of Land and Resources as saying. "In about three months, the property market will probably reach a comprehensive correction and prices will fall in some areas," said Minister Xu Shaoshi. "But its hard to predict the extent of the price drop which may vary from city to city." He added that the ministry will strengthen property management and clear idle land to secure land supply for affordable housing. The government has this year issued a number of measures aimed at cooling growing property prices. The National Bureau of Statistics earlier announced that prices in May rose 12.4% year-on-year, down just 0.4 a percentage point from the previous month, but market watchers and analysts have all predicted widespread price cuts deeper into the second half.