Yul Kwon:
According to official data just released, average housing prices in China have fallen for a fifth month in a row. But just last week, Chinese Premier Wen Jiabao said that "housing prices are still far from a reasonable level." The message was loud and clear for homebuyers, who seem willing to wait by the sidelines for better deals. CCTV has this report from a Shanghai housing expo.

Reporter:
The long-awaited price cut in the housing market has finally come. Advertisements claiming the "lowest prices", "10 percent down payments" are common in this exhibition hall. Some developers have even lowered prices down to less than 10,000 yuan per square meter, a level rarely seen in this city.

Real Estate Agent:
Most real estate in Shanghai is being sold with an average price cut of 10 to 20 percent. Ours, being as big as 23 percent, is to draw more buyers.

Real Estate Agent:
The price of our homes has dropped by a third, from 12,000 yuan per square meter to 7,500.

Reporter:
Industry insiders believe government policies have forced real estate developers with few choices other than to slash prices. Due to the uncertainty of further price drops, potential homebuyers are taking a wait-and-see approach.

Exhibition Visitor:
I don’t think the price cut is big enough. It’ll go bigger.

Exhibition Visitor:
I shall wait, as Premier Wen has said housing prices will continue to go down.

Reporter:
Though it’s not a seller’s market, many real estate companies at the exhibition are still holding out some optimism. But it’s pretty clear that those with more patience will win in the end.