Prop­erty mar­ket ‘will not col­lapse’

China Daily (USA) - - BUSINESS - ByWUYIYAO in Shang­hai wuyiyao@chi­

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.

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