Quotable

In the long run, the property sector will follow an L-shaped pattern, which means a slowdown in the sector will gradually bottom out and remain there for a long time."

Ni Pengfei, director of the Chinese Academy of Social Sciences' Center for City and Competitiveness, expressed this view on Tuesday, responding to a report released by the academy saying that hous prices are expected to continue falling in the coming year. A major collapse is unlikely because the country's urbanization drive will continue to shore up demand, and the economic outlook remains sound, Ni said.