Property Market

    Home out of reach for many young Chinese

    (Xinhua)
    Updated: 2009-11-25 17:35

    In the hit Chinese television drama, "Dwelling Narrowness," one of the main characters becomes the mistress of a government official in order to help repay her older sister's mortgage.

    The 35-episode series, which stars actress Vivian Wu (Wu Junmei), has touched a raw nerve in its audience, who sympathize with the characters moral dilemmas.

    The story follows the trials of two full sisters struggling to buy affordable apartments in an unnamed big city, believed to resemble Shanghai, where house prices have soared beyond the lifetime disposable incomes of most people.

    "I was deeply moved though I don't think it was the right decision," says Beijing office worker Zhou Yuan of the younger sister's decision to become a mistress.

    But the characters are simply mirroring the choices that many urban Chinese are facing everyday as the booming real estate market erodes their dreams of becoming home-owners.

    "They epitomize a large group of urban young people tormented by material desire and anxiety in daily life," says Professor Zhang Yiwu, of Peking University. "Just like snails carrying a heavy shell."

    The government launched a sweeping reform of the housing market in the late 1990s, scrapping the government allocation of homes to urban workers.

    Since the reform, property development has boomed. Strong demand and scarce land resources have driven up prices, as more people move to big cities like Beijing and Shanghai.

    The stress of home-buying has twisted the values of some people, especially the young, who were often forced to give up their independence and self-reliance, says Zhang.

    According to Beijing Municipal Statistics Bureau, the city's average annual income in 2008 was 44,715 yuan ($6,546), while urban apartments were selling for an average 15,581 yuan per sq m.

    An apartment of 80 sq m costs almost 1.25 million yuan, which would require a household of two wage-earners to repay with half their salaries for 30 years -- without interest.

    "It's unbelievably high," says Yu Mengxuan, a 25-year-old office worker who lives with her parents in Beijing. "Just one sq m costs more than three months' salary.

    "It's impossible to make the deposit without the help of your parents."

    In China, home-buyers are required to pay at least 25 percent as the first installment. Parents have traditionally channeled their savings into their children's homes, which is one of the reasons why Chinese save more, but spend less.

    However, house prices will keep moving upward in 2010, according to a report released by the Chinese Academy of Social Sciences on Nov 16.

    Professor Wang Fuzhong, of Beihang University finance department, blames the economic structure in which local governments profit greatly from the property industry, lessening their incentive to curb prices.

    A survey by the Standing Committee of the National People's Congress shows low-income home construction in 2009 was behind target with only 23.6 percent investment realized by the end of August. Government subsidized affordable homes are the main plank in efforts to curtail the rise prices.

    Related readings:
    Home out of reach for many young Chinese China denies to release rural land to curb housing prices
    Home out of reach for many young Chinese Don't sell welfare housing as commercial developments
    Home out of reach for many young Chinese Housing value ranking 'insensitive' to public concern
    Home out of reach for many young Chinese China's housing prices expect slight dip in Q4

    The government is also encouraging young people to rent before they buy, and plans to build public rental housing to relieve the pressure.

    But the popular concept of owning a home as a requirement for marriage is driving many young couples apart as the dream becomes unattainable.

    Jin Danlei, 25, a native of eastern Jiangsu province who stayed in Beijing after graduating from university, says, "My mother told me my would-be husband should buy an apartment, at least on a mortgage."

    Others, like Yu, disagree. "Renting a room for the time being is okay for young couples. It takes time to improve our lives."

    中文字幕一区二区三区精彩视频| 无码国产69精品久久久久网站| 亚洲av无码乱码国产精品| 亚洲精品一级无码鲁丝片| 亚洲中文字幕无码久久2020| 日韩免费a级毛片无码a∨| 亚洲AV无码乱码在线观看富二代| 中文www新版资源在线| av区无码字幕中文色| 日韩av无码免费播放| 国产成人三级经典中文| 久久无码国产| 国产午夜精品无码| 一本加勒比HEZYO无码人妻| 免费A级毛片无码A∨中文字幕下载 | 无码成人精品区在线观看| 中文字幕无码免费久久| 69天堂人成无码麻豆免费视频 | 久久亚洲AV成人无码| 少妇人妻88久久中文字幕| 久久av高潮av无码av喷吹| 无码H肉动漫在线观看| 亚洲av无码专区在线播放| 最近高清中文在线字幕在线观看| 亚洲av中文无码乱人伦在线r▽| 少妇中文无码高清| 无码人妻丰满熟妇啪啪| 刺激无码在线观看精品视频 | 天堂最新版中文网| 日韩久久久久久中文人妻| 国产 欧美 亚洲 中文字幕| 亚洲精品无码99在线观看| 无码AV一区二区三区无码 | 亚洲午夜无码久久久久小说| 九九久久精品无码专区| 国产精品午夜福利在线无码| 久久久久无码精品| 亚洲爆乳无码精品AAA片蜜桃| 亚洲精品国产日韩无码AV永久免费网| 免费a级毛片无码免费视频| 久久亚洲AV无码西西人体|