HSBC Holdings says China's price level will fall 15% in the next 12 months

China Economic Network Beijing July 26 (Zhang Michi) HSBC Holdings (HSBC Holdings Ltd. The report said today that the overall level of real estate prices in China would fall by more than 15% per cent in the next 12 months as demand remained relatively stable as the supply of the property market increased.　　The report said that China's real estate market is still facing the risk of uncertainty of macro-control policy, suggesting investors in the next few months to avoid real estate stocks. The report downgraded the shares of several property-listed companies, bringing the Agile Property Holdings Limited (Holdings Ltd. ), Guangzhou Fuli Real Estate Co., Ltd. (Guangzhou r&f Properties Co. ) and Shimao Real Estate Holdings Limited (Shimao Property Holdings Ltd. Rating from "overweight" down to "reduction", China ocean Real Estate Holdings Limited (Sino-ocean Land Holdings Ltd.　　Stock rating from "neutral" downward to "reduction". ' It is too early to assert that the Chinese property market has bottomed out, ' the report said, noting that China's real estate market could be a lengthy process, perhaps even repeated, as the government's stance on property-control policies could still be repeated. Many technical indicators suggest that the government could still introduce new tightening controls in the housing market in the coming months, the report said.