November 29, 2016 / 2:45 PM / a year ago

China's property sector has bubble but won't collapse - Wanda chairman

JAKARTA, Nov 29 (Reuters) - 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 for urbanisation.

“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)

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