China's residential property market is unlike the housing bubble experienced by Japan in the 1980s, Minister of Housing and Urban-Rural Development Chen Zhenggao said Tuesday.
Recently, there have been comparisons between China's housing prices to the Japanese bubble in the 1980s. The situation in Japan was set against a completely different political and economic backdrop, Chen told a press conference on the sidelines of the annual parliamentary session. China today and Japan in the 1980s have distinct conditions, with different levels of urbanization, economic development and government measures, he said.
The property market in China will continue to experience steady and healthy development thanks to sound economic fundamentals and enormous housing demand, according to Chen.
Latest comments