BEIJING – A majority of residents in five Chinese cities believed visible bubbles are brewing in local real estate markets, according to a survey by China CITIC Bank and Spanish Bank BBVA.

These cities are Shenzhen, Nanjing, Nanchang, Suzhou and Hefei.

But residents in 14 other cities surveyed believed there were either minor bubbles or no bubble.

Asked to predict the property prices for next year, a majority of the residents in five cities - Shenzhen, Nanning, Beijing, Chengdu and Tangshan – foresaw a price correction. But in the medium-term, the majority of residents surveyed in all the 19 cities believed property prices will continue to increase.

Cities surveyed are Beijing, Shanghai, Shenzhen, Hangzhou, Changchun, Changsha, Chengdu, Dalian, Fuzhou, Guiyang, Harbin, Hefei, Ji’nan, Kunming, Lanzhou, Nanchang, Nanjing, Nanning, Shijiazhuang, Suzhou, Taiyuan, Tangshan, Tianjin, Xiamen, Xi’an and Zhengzhou.