From Shanghai Daily (link):
IN a modern society, the word “slave” should not appear at all. But there is “housing slave” in China – people who use most of their salary to repay their loans due to soaring housing prices and rising mortgage rates.
“Housing slave” is a new buzzword translated from fangnu in Chinese pinyin. People in this category can barely maintain a decent standard of living although they may have big apartments in downtown urban areas.
Vivian Huang, a 27-year-old administrative personnel in a multinational company in Shanghai, pays 2,842 yuan (US$355) in monthly repayment for her 30-year mortgage.
“I have to think more than ever before I change jobs, travel or even go shopping after work,” said Huang who borrowed 500,000 yuan from a local bank to buy an apartment worth 720,000 yuan in the city.
“I am more sensitive to the news of interest rates rises and can’t imagine if I lose my job or fall ill,” said Huang whose monthly pre-tax salary is 5,000 yuan.
