Chinese mainland home prices may slump 30% as local authorities implement government measures to crack down on property speculation, according to brokerages including China Jianyin Investment Securities.

Home sales plunged nearly 40% by both units and floor space in 15 major cities recently, extending a streak of declines since mid-April, according to Zheshang Securities.

The government this month raised banks' reserve ratio for the third time this year, adding to last month's down payment and interest rate increases on second mortgages.

South China Morning Post