Chinese Lesson - 70% of residents cannot afford new housing

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70% of residents cannot afford new housing

www.chinanews.cn 2006-05-11 16:38:09

Chinanews, May 11 - According to a survey conducted by the Financial
Research Center of Beijing Normal University, around 70% of China's urban
residents do not have the means to buy a new home.
A new term has emerged on the internet -- "housing slaves". Following the
rapid rise in housing prices, more and more home buyers are carrying
heavy burdens on their backs.
"A roof for every resident" has long been the dream of the Chinese
people. To own their homes, some have to fork over around 50% of their
income. While they have the psychological comfort of home ownership, the
quality of their life has taken a tumble. They dare not change jobs, take
no trips and worry about illnesses and unemployment. This way, they
cannot help but become "slaves" of their homes.
In July of 2003, Liu came to work in Guangzhou after college and he and
his girlfriend together made over 10,000 RMB a month (US$1,250). They
spent 1,500 Yuan a month renting a two-bedroom flat in a convenient
downtown location and spend a good life.
In 2005, they started to consider buying their own property but after
checking out more than ten sites and finding the prices too high
(averaging 7,000 RMB per square meter), they found it hard to buy a
suitable 70 to 80 meter flat. Finally, they bought in the suburbs at an
average price of 4,000 Yuan per square meter and a monthly mortgage of
3,700 Yuan.
Their new home will be ready by the end of this year. They face great
pressure having to pay rent and mortgage at the same time. Liu was forced
to move and rent a single room for 900 Yuan a month and began to scrimp
on food and clothing. "We become completely trapped by our home and have
become its slave." Liu said with an air of helplessness.
Beijing Normal University's Financial Research Center has previously
published "Assessment report of financial security of China's real
estate" and reports that property prices have reached around 4,000 Yuan
per sq. m. in China's Eastern regions. According to China's 2005 per
household average annual income of 15,000 to 17,000 RMB, the housing cost
to annual income (for a 70 square meter flat) has reached 13. This means
that 70% of urban residents cannot afford to buy a new home.

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