John Lam, UBS’ head of China property research and a long-time contrarian, is retreating from his earlier bullish calls and joining his Wall Street peers in predicting that the country’s four-year real estate downturn is far from over.
Lam said he expected home prices to fall for at least another two years before a recovery in mainland China’s beleaguered residential property market could take hold. One reason was that potential buyers were increasingly opting to rent properties while prices…