China's real estate tycoon Wang Jianlin has expressed concern over the real estate market in the country.

Wang described the current situation as the "biggest bubble in history." The billionaire pointed out the steep rise in prices across major Chinese cities in contrast to falling prices in smaller cities.

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In an exclusive interview with CNN, Wang said that he cannot foresee any viable solution to this problem. He opined that the economy has not bottomed out yet. Any quick withdrawal of leverage may hurt the economy even further. Wang suggested that regulators should wait for the market to rebound before gradually decreasing debts and leverage.

Wang said that he does not expect any "hard landing" for China's economy. However, he cautioned about the real estate market.

Wang's Dalian Wanda Group generated $44 billion in revenue in the previous year. The company also opened its second theme park recently, giving Disney stiff competition in China. Wanda's latest tourism park cost $5.1 billion.

Dalian Wanda group is consistently diversifying its portfolio, reducing the business's reliance on real estate. The company is currently in talks to acquire Dick Clark Production. It also struck a deal with Sony to collaborate to produce multiple movies. These deals will help the conglomerate to solidify its position in the US entertainment market. Dalian Wanda is one of the biggest movie theater operators in the world. Earlier this year, it bought Legendary Entertainment for $3.5 billion.

Tagswang jianlin, Dalian Wanda Group, sony, Dick Clark Productions