10-02-2016, 11:47 PM
Chinese billionaire Wang Jianlin is worried about the country's real estate market. The tycoon who made his fortune in the real estate market and owns China's largest real estate developer, Dalian Wanda Group, appeared on CNNMoney Wednesday to warn that China's overheated real estate market is the "biggest bubble in history." China has a love-hate relationship with the real estate market. Recently it tried to cool the overheated market in large cities with restrictions on home sales, even punishing property agents who hype the market. Still, the government's efforts haven't slowed the market much, with property sales growing 31.8% in August compared to a year ago.
China’s richest man Chinese real estate 'biggest bubble in history' - Business Insider
Bad debts in the Chinese banking system are ten times higher than officially admitted, and rescue costs could reach a third of GDP within two years if the authorities let the crisis fester, Fitch Ratings has warned. The agency said the rate of non-performing loans (NPLs) has reached between 15pc and 21pc and is rising fast as the country delays serious reform, relying instead on a fresh burst of credit to put off the day of reckoning.
Fitch reveals the $2trillion black hole in China's economy that heralds a lost decade