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Why Chinese millenials can afford their own homes


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in the SCMP

 

Why so many Chinese millennials can afford their own homes

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A new survey suggests that China has one of the highest global rates of home ownership for young people.

The study by HSBC found that 70 per cent of surveyed “millennials”, or those between the ages of 19 and 36, on the mainland owned their own home.

By comparison, the poll of some 9,000 people across nine countries found that only 35 per cent of the same age group own homes in the United States, with the figure 31 per cent in Britain.

For young people in China who do not yet own a home, 91 per cent reported intentions to buy property in the next five years.

 

The high rate of home ownership among younger Chinese could be due to the cultural value placed on owning property, relatively high incomes for young people, and the one-child policy allowing parents to devote resources to one offspring, analysts say.

 

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