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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