(ECNS) -- China may see a sharp decrease in its home prices after the second quarter of 2016, China's Academy of Social Science (CASS) has predicted.
In its latest report on the country's housing sector, CASS projected a tumble market for 2016 with weak signs of recovery in sales.
The report explains that buyer demand has been largely satisfied in 2015, which repeated a climax in transaction volume that appeared in 2013. As China's economy slowdown persists and home policies remain unchanged, the sector lacks future impetus to boost demand.
It is stated that future tuning measures should focus on three aspects including further reducing stock, maintaining stability in home prices and encouraging investment in the property market.
CASS observes that more financial support may help lift the housing market, including measures to cut reserve requirement rations and interests, tax cuts in transactions and expanded coverage of housing funds for middle- and low-income families.
