In recent years, housing prices in major cities like Shanghai & Beijing have really soared. If we had bought an apartment back in 2004 when we arrived, we would have made at least 50% profit if we sell it now (really feel like kicking ourselves).

The prices have risen to a level where it is almost impossible for an average working professional to own a house without carrying a debt for the rest of their lives. We have observed two trends here in china that is rather unique and interesting:

1. 1. Young couples in their mid-twenties are under great pressure to buy a roof over their heads. Part of the reason is the rising price. They figure that, if they buy a house later, it would most likely cost more.
2. 2. Usually the couple’s parents end up paying for the down payment (10~20%). Given the huge discrepancies between housing price and average salary, it is virtually impossible for most young couples to come up with the money for down payment. Hence their parents would have to chip in. China’s one child policy also means that parents feel more obligated to help their child financially.

So… Mom, Dad, have I told you I love you guys…ahm…about that house…

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9:25 pm

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