[advertise]广告[/advertise]DUBAI’S debt crisis should be a “wake-up call” for China, which needed to prevent a similar situation in its “speculation-driven” property market, said a researcher with Chinese Academy of Social Sciences. A Dubai-like crisis was unavoidable if China continued to regard development of its property sector as a prerequisite for economic growth and land sales remained a main source of local government revenue, Yi Xianrong, a researcher at the academy’s Institute of Finance and Banking, wrote in the China Daily on Thursday. The government should take measures to check housing investment and speculation and only allow preferential lending for people who would occupy the homes they bought, Yi said. Businessmen from the eastern Chinese city of Wenzhou invested 5 billion yuan (US$732 million) in Dubai and stood to lose more than 1 billion yuan, the newspaper reported last week, quoting Zhou Dewen, head of Wenzhou’s SME Business Development and Promotion Association. Source:Shenzhen Daily