CRI听力:Is China's Housing Market Facing "Historical Turning Point"?

A Chinese think-tank affiliated to the Chinese cabinet is suggesting this country's real-estate market is facing a long adjustment period.

Liu Shijin, deputy director of the Development Research Center of the State Council, says he believes the housing market is facing a "historical turning point."

New analysis is suggesting investments into the housing sector aren't likely to see annual growth of anymore than 5 percent in the coming years.

The latest government figures show home prices here in China have continued on a downward trend through this past month.

New home prices in 55 of the 70 major cities monitored have shown a month-on-month drops through June, compared with 35 in May.

However, on a year-on-year basis, new home prices in most cities are still higher.

In response to the market slowdown, around 20 regions have either lifted or eased their restrictions on home purchases.

For more on China's housing market, we are joined on the line by Mike Bastin, Visiting Professor at China's University of International Business and Economics.

Mike Bastin, Visiting Professor at China's University of International Business and Economics.