Housing market faces price corrections, says think tank

China's housing market is not approaching a turning point, but price corrections will lead to declining home prices in the short term, a report released by the Chinese Academy of Social Sciences said on Monday.

China's urban housing demand is expected to experience a bigger downturn between 2020 and 2025, said the report.

"The likelihood of a house price collapse remains small because residents are currently embracing the idea of upgrading their living standard, rather than just having a house to live in," said the report.