Home prices will dip, report says

Property prices will dip this year but a tumble is unlikely, a report by the China Academy of Social Sciences said on Thursday.

Sluggish demand has ruled out big price increases while property developers are unlikely to slash prices because of high land costs, according to the academy's annual report on real estate.

"Property sales will remain low this year, despite a rebound since March, and prices will dip," said Li Enping, associate professor at the Institute for Urban and Environmental Studies under the academy, a major contributor to the report.