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China housing slaves helping property rebound: Mortgages

Posted on 20 February 2013

China’s growing middle class reaching for homeownership helped property prices rebound starting in the second half of last year. They rose 1 percent in January from December, the biggest gain in two years, according to real estate website SouFun Holdings Ltd. Home prices in Beijing and Shanghai each rose 2.3 percent from December.
Average per-square-meter prices in 100 cities tracked by SouFun are five times average disposable incomes. A 100-square- meter (1076-square-foot) apartment today costs about 40 years’ income, according to SouFun and government data, even as salaries have more than quadrupled since 1998…………………………………Full Article: Source


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