Home sales bottomed out in q2, researcher says

Home sales bottomed out in the second quarter, though prices will not recover for at least 12 months, Jeffrey Gao, head of China property research with Nomura Securities Co Ltd, said on Wednesday.

The ongoing sales drop will start narrowing in the third quarter and sales may even slightly rise in the fourth, he said.

In the next three to four years, real demand will support sales and keep them stable, said Gao.