Beijing North Star chairman He Jiangchun expects the mainland property market to remain depressed until the second half of 2010 as the global financial crisis has yet to bottom out.

Property sales in many mainland cities increased significantly in the last two months, but Mr He said the active transactions were not sustainable.

He said property prices would continue to drop, with prices in first-tier cities sliding faster than in second-tier cities.

But Mr He did not expect property prices to drop sharply.

South China Morning Post