Liberating the “House Slaves”?

From Economic Observer Online:

The recent ban of a hit Chinese television series – Dwelling Narrowness (蜗居), which centered around China’s skyrocketing property prices and the pressure on its middle class to put up mortgages – highlighted the concerns of Chinese authorities over widespread public discontent against steep home prices.

The too-close-to-reality drama series struck chord with Chinese’ growing anxiety in owning a house as the real estate market bubbling, and the term “house slaves” (房奴) – referring to those burdened by mortgages – came into being.

The Chinese government has recently reacted to the swelling public resentment – aside from halting a drama series that could potentially fanned the discontent, it also announced a series of measures to cool the red-hot property market.

January 1, 2010 4:47 PM
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Categories: Economy