Property market 'will not collapse'

Chinese billionaire and real estate tycoon Wang Jianlin said China's real estate market has bubbles but will not collapse, underlining that people migrating to cities will support demand and recent government moves to squeeze bubbles are taking effect.

Wang, chairman of the property-to-entertainment conglomerate Dalian Wanda Group, made the remarks in Jakarta on Tuesday.

Wang has previously said that China was seeing the "biggest bubble in history", saying that surging housing prices in major cities such as Shanghai and falling residential prices in lower-tier cities are bringing about a divergence in China's housing market.