"Property bubbles have emerged in China. There will be severe consequences if the construction boom does not stop."

Zong Qinghou, chairman of the beverage giant Wahaha Group, made the remarks during the Second World Zhejiang Entrepreneurs Convention in Hangzhou, capital of Zhejiang province, on Saturday. He said a surplus in the supply of housing has led to a large number of vacant properties, not only in cities, but also the countryside.