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Volume and prices hit the bottom of market

MOST developers expect the domestic real estate market to bottom out this year while many of them predict both transactions and prices remain gloomy, according to a national survey by a integrated real estate service provider.

More than 70 percent of the developers believed the country's real estate market will recover some momentum as early as the second half of the year, with those in second and third-tier cities being more optimistic, according to E-House (China) Holdings Ltd, the biggest of its type that polled senior management officials at more than 400 real estate companies in 39 major cities across the country.

"Forty-five percent of respondents predicted the turning point would be in the third quarter," said Xue Jianxiong, an E-House analyst. "We agreed that prices might hit the bottom at the time, but it's really hard to say when the market would begin to pick up amid uncertainties in economic prospects in the country and abroad."

The survey has also found that more than 70 percent of developers thought transactions of properties may either remain little changed or contract further this year. In addition, half of the respondents said they expected a downward trend in prices with those in first-tier cities being more pessimistic.


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