SouFun: Home prices may fall further

China property prices could fall as much as 10 percent this year and the slump may extend into next, according to the founder of the country's biggest real estate information website.

Vincent Mo, founder and chairman of SouFun Holdings Ltd, said Chinese property prices are "seeing an adjustment after the rapid increase in the past two years" but added they "should stabilize by the middle of next year".

China's new-home prices fell in all but one city monitored by the government last month from August, the most since January 2011 when the way the data are compiled changed, as an easing of property curbs failed to stem a market downturn amid tight credit.