Quotable

"The property industry is indeed experiencing a turning point at present, but there will not be a sharp decline like the one that appeared in the United States in 2007 and 2008. The market will enter an autumn, but not a winter."

Li Daokui, a professor at Tsinghua University and a former adviser to China's central bank, said as China's property market has recently seen drops in house prices in some major cities.