Participants in China's real estate market all seem to be taking a wait and see attitude now. Developers are hoping for a rebound in home prices while potential buyers are still waiting for that reasonable level Premier Wen spoke of at a press conference following the annual NPC session.

Participants in China's real estate market all seem to be taking a wait and see attitude now.

Despite signs of a cooling market, there's plenty warmth at this year's Spring Real Estate Exhibition in Shanghai. Attendees were overwhelmed by a diversity of choices, with about 300 real estate projects on display. But leading property developers, including China Vanke, Gemdale and Greenland, were absent.

Zhong Gang, exhibition manager, said, "The big developers are loaded with reserve capital, so at this juncture they have the ability to act more conservatively than the smaller developers."

While most developers at this exhibition had to resort to discounts to win over customers, that wasn't true for out-of-town projects and their developers who are boasting about their own competitive edge.

Participants in China's real estate market all seem to be taking a wait and see attitude now.

Real estate staff from Shandong province, said, "Unlike in Shanghai, there's no limit on how many houses you can buy in our city. And mortgages are easier to obtain."

Also attracting attention are real estate companies aiming to sell homes located overseas. Ma Feifei, real estate project manager, said, "Purchasing overseas properties as a way to finance children's education overseas has become more and more popular among parents in China."

You can certainly see signs of a recovery in the sentiment among both real estate developers and potential home buyers at this exhibition, but whether that will translate into a notable rebound in transactions in the long run remains to be seen.