JAKARTA Nov 29 The chairman of Chinese
property-to-entertainment conglomerate Dalian Wanda Group said
on Tuesday that there is a property bubble in China but the
sector won't collapse as there is still a significant potential
"Yes, there's a bubble in China," China's richest man, Wang
Jianlin, told a Forbes conference in Jakarta.
"Particularly in the last few years it's quite big, but (the
sector) will not collapse," he said, noting that a significant
population in China still live in rural areas and would like to
move to the cities.
Wang also said the group wants to own 20 percent of all
cinemas in the world in 10 years' time.
The group has made a series of acquisitions in the United
States. Earlier this month, Dalian Wanda agreed a $1 billion
takeover of Dick Clark Productions, the company that runs the
Golden Globe awards and Miss America pageants.
(Reporting by Eveline Danubrata; Editing by Ed Davies)