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.

"I don't see a good solution to this problem," Mr Wang, whose group owns more than 200 malls, shopping complexes and luxury hotels across China, told CNN in comments published on its website. "The government has come up with all …