* China's property sector supported by urban potential -
* Wanda wants to own 20 pct of global cinemas in 10 years
* On Trump, Wang said "we have to give him a chance"
(Adds comment from Wang, background)
By Eveline Danubrata
JAKARTA, Nov 29 The chairman of Chinese
property-to-entertainment conglomerate Dalian Wanda Group said
on Tuesday that there is a property market bubble in China but
the industry won't collapse as there is still a significant
potential for urbanisation.
China's real estate investment growth quickened in October
to its highest since April 2014, data showed, suggesting that
property developers have yet to feel any notable pressure from
recent measures to curb speculative home purchases.
"Yes, there's a bubble in China," Wang Jianlin, who was
ranked by Forbes as China's richest man this year with a net
worth of $28.7 billion, told a conference in Jakarta.
"Particularly in the last few years it's quite big, but (the
sector) will not collapse," he said, noting that a significant
part of the population in China still lives in rural areas and
would like to move to the cities.
Since Wanda was founded in 1988, the group has become
China's largest commercial property company. It has also
expanded into cinemas, sports clubs and finance, partly through
Wang said the group wants to own 20 percent of all cinemas
in the world within 10 years, but did not give details on how it
would achieve that.
Earlier this month, Wanda extended its buying spree in
Hollywood by signing an agreement for the $1 billion takeover of
Dick Clark Productions, the U.S. company that runs the Golden
Globe awards and Miss America pageants.
When asked about another property tycoon, Donald Trump,
winning the U.S. presidential election, Wang said his presidency
could be positive for the economy.
"Compared to the past 44 presidents is he better? Can a
businessman be better than a career politician? We have to give
him a chance."
(Reporting by Eveline Danubrata; Editing by Ed Davies, Greg