Friday, September 30, 2016

Billionaire Calls Chinese Real Estate Market “Biggest Bubble in History”

Chinese billionaire Wang Jianlin, the richest man in China and C.E.O. of Dalian Wanda Group, during an interview with CNNMoney on Wednesday called the Chinese real estate market the “biggest bubble in history”. He believes the major problem originates to rising prices in major metropolises and simultaneous falling prices in thousands of smaller cities with several vacant properties. The economy continues to slow, but debt levels rise higher and higher, creating a lot of stress for Chinese investors.

"I don't see a good solution to this problem," Jianlin stated. "The government has come up with all sorts of measures -- limiting purchase or credit -- but none have worked."

The Chinese stock market crashed in June last year, leaving millions of small investors penniless. Now after months of battling to contain the situation, the country’s leaders might have similar issues in the real estate department. Jianlin’s real estate company, Dalian Wanda Group, has gradually reduced business lately because of this, cutting back on their regular services such as developing large shopping malls and office complexes.

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