Fears of China housing glut 'overblown'

FEARS of an oversupply of homes in China appear to be overblown, going by the views of developers and industry practitioners who spoke at the World City Summit yesterday.

CapitaLand group CEO Lim Ming Yan told the audience at Marina Bay Sands that he expects urbanisation to continue to drive fundamental demand for homes in China.

Citing China's urbanisation plan for 60 per cent of its people to live in cities by 2020 and more than 100 million people will move from farms to cities by the same year, Mr Lim said: "There is still significant real demand in major Chinese cities."