Wang Jianlin (left) receives the Malcolm S. Forbes Lifetime Achievement Award at Forbes Global CEO Conference.
Wang Jianlin, chairman of China’s property and entertainment giant Dalian Wanda Group, recently acknowledged that there is a property market bubble in China, but argued that the industry won’t collapse.
Wang won a Lifetime Achievement Award at the 2016 Forbes Global CEO Conference held in Jakarta, Indonesia on Nov. 29.
Wang said China’s real estate investment growth shot up in October to its highest point since April 2014, indicating that property developers have yet to feel any notable pressure from recent measures intended to curb speculative housing purchases.
Most of the Chinese population living in rural areas would like to move to cities, which is indicative of significant potential for urbanization, according to Wang.
Wang said Dalian Wanda Group hopes to own 20 percent of all cinemas in the world within 10 years, but did not give details on how he plans to achieve that.