• LovesTha🥧@floss.social
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        1 month ago

        @Alsephina @Juice Isn’t their bigger problem having too many unfinished apartments? Many more than are needed.

        (And are those rates including those who own apartments that will never be completed?)

        • OsrsNeedsF2P@lemmy.ml
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          1 month ago

          It’s true there’s a lot of unfinished apartments, and imo it’s true that’s a big problem (or a symptom of a larger issue). But I don’t think it’s unfinished apartments are a bigger problem than lack of home ownership in the West

    • itsmect@monero.town
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      1 month ago

      Nobody can buy land in china, it is only leased from the government for up to 70 years for residential usage (less for other purposes). Calling the tofu-dreg building on top of this “owning a home” is disingenuous at best and deceitful at worst. Why do people buy homes anyway instead of renting? Because all other options to invest are even worse and it is literally their only option.

      I hope you don’t tolerate how mega corps “sell” you shit like digital media or IoT devices only to later change the terms of sale and steal it back from you, because you never really owned it. Don’t tolerate the same shit if a government does it to you.

    • baseless_discourse@mander.xyz
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      1 month ago

      Let’s not pertend that this is because China has socialized housing. They used to do decades ago, but it has been abolished for a long time. Although they do have affordable housing program like most of the city in the U.S.

      In fact, China has one of the highest home price to income ratio (ratio of median apartment prices to median familial disposable income, expressed as years of income) in the world: https://www.numbeo.com/property-investment/rankings_by_country.jsp . Chinese people will need 30 years of disposible income to purchase an apartment; compare to 3 in the U.S., 7 in Netherland, 11 in France, and 9 in U.K.

      Apartments in Beijing can easily cost double than a major U.S. city, while people in Beijing earn half as much. Here is a popular real estate website listing the previously-owned property (2bedroom between 90-120 m²) on the market in Beijing: https://m.ke.com/bj/ershoufang/l2a4 most of them are around 5000k RMB, which translates to 700k USD for 2b apartments. On the other hand, Beijing median monthly salary is 1548 USD (https://teamedupchina.com/average-salary-in-beijing/#Beijing_Salary_Data_Zhilian_Zhaopin), which translates to 10$ per hour assuming a 5 day work week and 4 week work month.

      The high home ownership rate is likely due to a mix of false report and saving culture. In China, parents typically have a good amount of saving to provide their child (singleton because one-child policy) a home upon their marriage etc. This also explains why Beijing rent price is much lower than major cities in the U.S., despite its high housing price.

      • OurToothbrush@lemmy.ml
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        1 month ago

        Chinese people will need 30 years of disposible income to purchase an apartment; compare to 3 in the U.S.

        Who can afford a condo with 3 years disposable income in the US? My spouse and I make above average money in a below average cost city and we couldn’t afford a condo here.

          • OurToothbrush@lemmy.ml
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            1 month ago

            likely means the wage that reaches your bank account, i.e. wage - 401k, insurance etc

            Well ain’t that a shit definition then

              • OurToothbrush@lemmy.ml
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                1 month ago

                Honestly, I am quite surprised how low tankies are willing to go to defend China. As a Chinese, it is very disheartening to me that people have never experienced or seen the suffering of living under an authoritarian government, are more willing to blindly defend it, than having a intellectual discussion.

                Compare the prison population of the US to China’s lol.

                • baseless_discourse@mander.xyz
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                  1 month ago

                  It is hard to imagine that an adult talks like this. People points out most Chinese own homes, as if it is some policies that the west can learn from. I pointed out the stats that proved it is more about culture than China’s housing market.

                  Yet you are here just side stepping every way, accusing unrelated stuff, just to defend the CCP. I used to think people here who worship CCP are just misinformed, but you have proved that you are simply vile and obsessed.

                  It is totally okay with me that there are grown adults who have the mind of a teenager; I just feel dishearten about other people misled by your propaganda, simply because they, in their good nature, decides to trust your posts and comments.

                  There is no point in continuing this discussion, since you clearly are not in good faith and are just trolling around. I hope you feel good about yourself one day and start having proper conversations.

                  See you in my block list. Bye.

      • JustTesting@lemmy.hogru.ch
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        1 month ago

        Also a housing bubble and real estate being one of the few investment vehicles available to regular chinese.