In the US we cherish our right to own our own home. But how does that concept play out in China?
In 2007, China¡¯s property law was updated. Almost a decade later, hundreds of millions of Chinese citizens are homeowners.
For Chinese guys, having an apartment ¨C as well as a car and good job ¨C are pre-requisites to finding a wife.
In 2013 the average salary in Beijing was eleven thousand us dollars, but according to the IMF¡¯s house price to wage ratio£¬Chinese real estate was the most expensive in the world.
Today, it would take every cent of a beijinger¡¯s pay for 25 years to pay off the average mortgage... and that¡¯s not taking into account food, bills, and everything else. But that hasn¡¯t dampened the desire to own real estate in china, a nation of aspirational home owners in pursuit of the chinese dream.
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