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CASS: 85% of Families in China Cannot Afford Housing

Housing prices in China have risen through the roof and are outside the range of any reasonable income, leaving 85% of families in China unable to buy a residence, disclosed the Chinese Academy of Social Sciences (CASS) in its 2010 Economic Blue Book. Government land supply policy and developers holding land for profit are blamed for the rise in housing prices in 2009.

The blue book indicated a reasonable ratio between house prices and resident’s income is between 3 and 6. However, in 2009, that ratio between city housing and city residents is 8.3, 22.08 for off farm workers, and 29.44 for farmers.

Source: Xinhua, December 7, 2009