Decade-long bull run

The Chinese property sector will experience a prolonged bull market, with prices rising 10 percent annually over the next decade, Bank of America Merrill Lynch said on Wednesday.

Raymond Ngai, head of Greater China Property Research, told a news conference in Hong Kong that the property sector plays such an important role in China, that it's unlikely Beijing would induce a crash in the market.

That's especially true at a time when the country's new leaders are pursuing reforms that are expected to slow down growth, he said.