China may have the worlds fastest-expanding economy, but property prices in Shanghai are plummeting.

Reports coming out of Chinas richest city claim that property prices in the mid - luxury range have fallen by up to 10% in the last couple of weeks, with further falls still likely.

Local estate agent at Hong Kong-headquartered Midland Realty said: "We think prices might fall another 20% in the next three months."

Her adds: "Its because in the last two years the market has gone up so fast, a bubble formed."