China's housing market not Japan's 1980s bubble: minister

Minister of Housing and Urban-Rural Development Chen Zhenggao answers questions at a press conference on rebuilding shantytowns and real estate development on the sidelines of the fourth session of the 12th National People's Congress in Beijing, capital of China, March 15, 2016. (Xinhua/Li Xin)

BEIJING, March 15 -- 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.