Property market ‘will not collapse’
Chinese billionaire and real estate tycoon Wang Jianlin said China’s real estate market has bubbles but will not collapse, underlining that people migrating to cities will support demand and recent governmentmovesto squeeze bubbles are taking effect.
Wang, chairman of the property-to-entertainment conglomerate Dalian Wanda Group, made the remarks in Jakarta on Tuesday.
Wang has previously said that China was seeing the “biggest bubble in history”, saying that surging housing prices in major cities such as Shanghai and falling residential prices in lower-tier cities are bringing about a divergence in China’s housing market.
Wang said Wanda has diversified its investment portfolio to meet surging demand for recreation, including cinema and sports.
He said the group wants to own 20 percent of all cinemas in the world within 10 years, but did not disclose more details on how it would achieve this goal.