Homebuyers given bleak outlook on prices

Soaring urban housing prices, an enduring headache for millions of homebuyers, have yet to peak despite the central government's vow to cool the real estate sector, according to a group of real estate businesses.

"We think that home prices will continuously increase until 2020," said Ren Rongrong, a researcher from the China Real Estate Chamber of Commerce, at a press conference.

"The demand for homes is rising in large cities as millions of people are flooding in and many born after the '80s are getting married," Ren said yesterday.