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Work for 130 years to afford a luxury apartment
Source: Shanghai Daily |
00:54 UTC+8 January 26, 2013
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A luxury apartment in Shanghai or Beijing could cost more than 130 times the annual income of an ordinary wage earner in China, according to 21cbh.com, citing a report released by a US online property research company.
It's an indication that home prices in China have reached a "dangerous level," according to the website, which was quoting from the latest Global Property Guide report.
Chinese mainland was ranked fourth globally in terms of the per square meter price/per capita GDP ratio, trailing India, Cambodia and the Philippines, where an average income earner needs to work about 740, 319 and 142 years, respectively, to afford a luxury home. The report did not specify the cost of a luxury home or what constituted an "ordinary wage."
It's an indication that home prices in China have reached a "dangerous level," according to the website, which was quoting from the latest Global Property Guide report.
Chinese mainland was ranked fourth globally in terms of the per square meter price/per capita GDP ratio, trailing India, Cambodia and the Philippines, where an average income earner needs to work about 740, 319 and 142 years, respectively, to afford a luxury home. The report did not specify the cost of a luxury home or what constituted an "ordinary wage."
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