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Young Chinese still deem a home indispensible

CHINESE mainland millennials retain a strong desire to buy a home of their own despite high property prices, a latest industry survey has found.

About 57 percent of Chinese respondents, all between the ages of 22 and 29, aspire to own a property though high cost of housing is making parental support indispensable, according to international property services provider CBRE, which has interviewed 13,000 millennials around the globe including 1,000 from the Chinese mainland.

“Millennials in China choose to rent after moving out of their parents' houses due to high property price, but they do aspire to own a house," said Sam Xie, head of research at CBRE China. "Small, modern and practical units which provide good amenities and accessibility would be ideal for millennials."

Around 61 percent of China's millennials are still living with their family due to both cultural norms and high property prices, and more than two thirds of home-owning respondents claimed that they received financial help from their parents, according to the survey.

The millennials are also driving some other trends in the real estate industry. For instance, the majority of the millennials place high importance on workplace environment while considering physical retail, particularly shopping centers that provide new experiences and socializing environment, irreplaceable.


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