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Eighty-Five Percent of Chinese Unable to Afford Their Own Home

The Chinese Academy of Social Sciences released its 2011 “Economic Blue Book.” The Blue Book discusses real estate in 2010 and 2011. It reports that over 85% of households cannot afford to buy their own home. The market price of housing is growing much faster than personal income. An urban family would have to save their entire income for over eight years in order to buy a house. The Blue Book observed that another feature of China’s real estate is the government monopoly of the supply. Such a monopoly is an important force that drives up the price of real estate.

Source: Xinhua, December 8, 2010