China property tycoon warns of bubble

Beijing

CHINA'S richest man, real estate magnate Wang Jianlin, has warned that the country's property market is the "biggest bubble in history" - the latest alarm bell to be sounded on the world's second-largest economy.

Mr Wang, owner of real estate and entertainment conglomerate Wanda, said property prices continue to rise in the country's big cities but fall in smaller ones saddled with huge inventories of unsold new homes.