China unlikely to see sharp correction in property prices

[BEIJING] China's property market is likely to see at most a moderate correction in prices in some small cities this year, according to a Reuters straw poll of 13 industry watchers this week, with a very slim chance of a sharp fall in prices nationwide.

A series of indications of a slowdown in the property market this week, beginning with official data and reports of banks cutting lending and developers cutting some unit prices, has spooked financial markets and raised concerns over th…