High cost: A Chinese flag flies outside a residential compound in Beijing. A typical two-bedroom new home in Beijing costs around 6 million yuan (US870,000), about 69 times the average per capita disposable income in the city. — AFP
HONG KONG: China’s sky-high apartment prices and its footloose generation of millennials are fuelling demand for rental apartments, driving investment by foreign private equity funds and Chinese real estate developers.
The country has been very much a home-owner’s market since opening up to the outside world in the 1980s and its home ownership ratio is now one of the highest in the world at about 90%.
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