China Land Ministry Official denies oversupply

An official from China’s Ministry of Land and Resources has said there is no oversupply in China’s property market as shown by continued rises in prices.

Dong Zuoji, planning department director at the ministry, said at a news briefing that China’s property prices will increase over the long term due to rural residents moving to cities.

Wall Street Journal Online reported that Dong Zuoji said the comments were his personal opinion.