Property prices set to cool

Property prices and sales are expected to stabilize in September and October despite it being a traditionally hot season for sales in China, an industry observer said on Monday.

His forecast was based on numbers at the Beijing International Property Autumn Expo, which is regarded as an industry barometer.

The event organizers said 139,000 people visited the expo compared with 145,800 for the spring expo.

Fifty-four percent of visitors to the event were aged 25 to 35 and around 80 percent of them plan to buy a home in the short term, according to the organizers. A total of 64 percent are looking to buy their first home and 16 percent want to purchase a property they can improve.

Of all the property projects in Beijing, just two are currently offering a discount, significantly less than during the spring expo, according to the organizers.

"Most of the projects promoted at the expo were from cities outside Beijing," said Hu Jinghui, vice-president of 5i5j Real Estate.

"Many people have adopted a wait-and-see attitude to the housing market. Property sales in the remaining months of 2012 are unlikely to exceed July and August and prices will also stabilize."