2010-07-05 11:26

China's real estate market may see a drop in prices in the fourth quarter of this year, the Ministry of Land and Resources said Sunday.

"Currently the real estate market has seen sales volumes plummet and prices remain sluggish. After another three months, the market may face full adjustment and prices will fall. However it's hard to predict how much the price drop will be," Xu Shaoshi, minister of land and resources said at a meeting of local land and resources chiefs in Dalian Sunday.

In the wake of policy tightening by the central government since mid-April, the home transactions have fallen drastically in major cities over the past two months.

Although housing prices continued to rise compared with a year earlier, the increases are slowing from previous months.