Seventy Percent of Chinese Can’t Afford New Houses – Cai Guozhao

From Shanghai Security News, tranlsated by CDT:

According to a report done by Beijing Normal University, the average price for a house in east China has reached 4,000 yuan per square meter. The average household income was between 15,000 and 17,000 in 2005, and the house price-income ratio was about 13. The report also revealed that 70 percent of urban citizens can’t afford new houses.

Housing prices in China are now comparable to those of a developed country, an analyst from Shenyinwanguo Security Research Agency said citing reports from the UN and World Bank. He said the housing market is running away from China’s economic development.

An increasing number of urban citizens can’t afford the high prices, and this has led to low home ownership rates, the analyst added.[Full Text]

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