The International Monetary Fund is warning about the possibility of another global financial crisis due to over-investment in the property market.

Domestic Chinese entities have borrowed money to build massive housing developments ... questions are being raised whether there's demand.

LISTEN Finance Minister Bill English speaks with Larry Williams

World Bank international relations expert Chris Mahony said now similar questions are being asked of emerging markets around the world.

"The Global Financial Crisis was born on this similar over investment particularly in the property market in the United States."

Finance Minister Bill English is at the IMF meeting in Peru. He admitted they are concerned about the generally lower growth rate across the world.

"I don't think there's deep concern, but there's a lot of puzzlement about why we've got such an extended period of low interest rates, low inflation and low groth. Not too many answers I have to say."