Property prices in China are likely to halve over the next two years, a top government researcher has predicted, in a strong sign that the country's economic downturn faces further challenges despite recent positive data.
The property market and exports were leading drivers of the booming Chinese economy over the past decade and the slumps in both have taken a heavy toll.
Cao Jianhai, professor at the Chinese Academy of Social Sciences, a leading government think tank, said an apparent rebound in the property market was unsustainable over the medium term and driven by a flood of liquidity and fraudulent activity rather than real demand.
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