Property prices to stabilize post-plenum: broker

The recently concluded Third Plenum of the Communist Party of China's 18th Central Committee will help stabilize property prices in the near term, a report from real estate brokerage Century 21 said on Friday.

According to the company, 4,931 apartments were sold in the first 13 days of November, reflecting a drop of 7.95 percent year-on-year. In addition, deals are taking longer to close, the company reported.

The imbalance in supply and demand will gradually correct itself after the plenum, and should help curb any further increase in prices, said Kou Hailong, general manager of Century 21 Beijing.

"Meanwhile, potential buyers are taking a wait-and-see attitude," Kou said. Brisk land transactions will ensure a large supply for future developments, especially in affordable housing, and that should also help to stabilize the market, he said.

"But a big price drop is still unlikely in the short run," Kou added.