Saturday, May 25th, 2013
Want to own property in China? You’ll have to work 130 years to afford it
IANS
People look at the Tsim Sha Tsui district across Victoria Harbour in Hong Kong, China. Hong Kong people have more than tripled the amount of money they’ve invested in property as equity markets crashed and interest rates reached historic lows. (Jerome Favre/Bloomberg)
Beijing — A luxury apartment in Shanghai or Beijing costs more than 130 times the annual income of an ordinary wage earner in China, says a report by a US online property research company.
This is an indication that home prices in China have reached a “dangerous level”, the Shanghai Daily quoted the Global Property Guide report as saying.
China was ranked fourth globally in terms of per square metre price/per capita GDP ratio.
In India, Cambodia and the Philippines, an average income earner needs to work about 740, 319 and 142 years respectively to afford a luxury home, it said.
The report, however, did not specify the cost of a luxury home or what constituted an “ordinary wage”.
Tags: China, real estate
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