Home prices on the mainland will not recover until 2011 after they have fallen to a reasonable level, according to property consultant DTZ.
DTZ's latest report shows residential prices in first-tier cities fell 16 per cent in the last quarter of last year, while prices in second-tier cities slid 11%.
Alan Chiang Sheung-lai, the head of residential at DTZ's mainland division, expects prices in first-tier cities to drop 10% this year and 5% next. Those in second-tier cities will fall 8 per cent and 4%, respectively.
South China Morning Post