Real estate prices set to cool down

Real estate prices are expected to cool in Beijing and Shanghai, and in lower-tier cities this year, a new report said.

The Blue Book of Real Estate, released on Monday by the Chinese Academy of Social Sciences said that house prices in first-tier cities are unlikely to bounce back in the short term.

The report also predicted that housing prices in Beijing will keep going down, even as new growth points emerge in cities around the capital. The rental market will become the major focus in cities such as Chongqing, Guangzhou and Nanjing.