Home » Opinion » Press Notes
Urban-rural gaps skew figures
By Yu Fenghui |
May 16, 2012, Wednesday
|
Print Edition
Print Edition
IT'S misleading to say that home ownership in China has reached nearly 90 percent.
The figure, released by the People's Bank and the Southwestern University of Finance and Economics, glosses over housing shortages in cities and relative abundance in the countryside.
In China's rural areas, every adult is entitled to a piece of land on which he or she can build a house. But many rural workers have migrated to cities to eke a living.
Many can hardly afford any housing in a city, and yet are counted as home owners in the just-released report.
Two other factors also merit attention. Firstly, most homes in cities are of low construction quality. Secondly, many urban residents pay huge sums to secure their own home. In many cases, three generations pool their life savings - in addition to heavy borrowing from banks - for a house. Therefore, there is no reason for us to gloat about 90 percent home ownership rate in China.
The figure, released by the People's Bank and the Southwestern University of Finance and Economics, glosses over housing shortages in cities and relative abundance in the countryside.
In China's rural areas, every adult is entitled to a piece of land on which he or she can build a house. But many rural workers have migrated to cities to eke a living.
Many can hardly afford any housing in a city, and yet are counted as home owners in the just-released report.
Two other factors also merit attention. Firstly, most homes in cities are of low construction quality. Secondly, many urban residents pay huge sums to secure their own home. In many cases, three generations pool their life savings - in addition to heavy borrowing from banks - for a house. Therefore, there is no reason for us to gloat about 90 percent home ownership rate in China.
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