Are you aware of the fact that right now China is on a housing crisis of its own, brought on by the fact that most households have no way to create an investment of their own to save for retirement, except for real estate, leading to some of the highest prices in the world?
90% of families in the country own their home giving China one of the highest home ownership rates in the world. What’s more is that 80% of these homes are owned outright, without mortgages or any other leans. The only people who will have a crisis are financial capitalists who overinvested in the real estate sector, and they’re not getting a bailout like they would in the west. Meanwhile, houshold savings in China are record high, and the economy is growing at 5.2%.
Maybe update your propaganda talking points there. 😂
80% owned outright my ass.
https://www.statista.com/statistics/1214346/china-value-of-real-estate-housing-mortgages/
Most current state put them at 40 trillion yuan in mortgages (5.5 trillion USD)
And their home ownership rates aren’t surprising when you consider how they have been pre-selling homes before they are even built. Which is backfiring horribly with those housing companies going under because they can’t finish the homes fast enough.
Most current state put them at 40 trillion yuan in mortgages (5.5 trillion USD)
If you had a clue regarding the subject you’re opining on, then you’d understand that these figures aren’t mutually exclusive. Vast majority of people in China own their primary homes, that’s where 80% ownership comes from. In additions, people and companies buy up secondary properties, which is where the mortgages come from.
backfiring horribly with those housing companies going under because they can’t finish the homes fast enough
Do elaborate how it’s backfiring on anybody but the financial capitalists who invested in these ventures.
You literally claimed “without any mortgages or leans” my friend, which is plain not true.
I literally quoted a mainstream western article explaining that this is the case and even going into detail of how and why this is the case. Are you trying to claim that Forbes is shilling for China here and making things up?
You quoted an article that’s over 7 years old lmao
Are you suggesting that the rate of home ownership in China has changed in any substantial way in the past 7 years. If so please do provide citations to support your claims. Otherwise, feel free to go trolling in a different thread lmao.
If you actually choose to bother to check out pricing in most Chinese cities, you would come to realise that the pricing is very similar to the London center. When you consider that the average salary in China is much lower than in the UK, most Chinese are only able to buy houses with help from their parents and grandparents. Add to that the lack of balance between genders due to the ruinous one child policy, and the cultural norm of property being a requirement before even trying to propose to someone, and you got a housing bubble that looks set to burst.
What part of 90% of the people own their housing are you still struggling with?
Entry level housing goes for 3-400,000 USD in America: “YAYYY CAPITALISM WORKING AS INTENDED ALL HAIL THE OWNER CLASS WANT A HOUSE SHOULDA BEEN BORN WITH CAPITAL BITTCCHHHHHH”
Entry level housing goes for 3-400,000 in China: “EVILLLLLLL COMMIIEESSSS DEATH TO COMMIESS REEEEEE TANKIES”
