Real estate industry won’t collapse: Wanda CEO Wang

China's real estate sector is expanding in proportion to the nation's GDP growth, and neither the Chinese economy nor real estate industry is set to collapse, real estate tycoon Wang Jianlin said at the Asia-Pacific Economic Cooperation (APEC) CEO Summit on Monday.

Wang, chairman of property developer Wanda Group, said this was due to three reasons - urbanization, significant home demand and traditional Chinese preference for home ownership.

The golden age of the real estate industry has ended but there will not be any serious problems in the next decade, which will be a stable period, according to Wang.

The golden age for developers ended in 2010, and developers now face slowing growth, Zhang Hongwei, research director of Shanghai-based property consultancy ToSpur, told the Global Times Monday.

None of China's 70 major cities saw home price growth in September, which used to be the peak month for home sales, according to data released by National Bureau of Statistics on October 24.

Second-home buyers will be given 30 percent discount off their mortgage rates, which previously only applied to first-home buyers, and down-payment levels are being reduced to 30 percent from 60-70 percent, China's central bank announced on September 30.

Some Chinese cities abolished restrictions on home purchases this year.

The period from 2015 to 2020 is an adjustment phase for developers, who may turn to overseas markets or other forms of property, such as tourism projects, Zhang said.