Now here is a completely skewed rent vs buy picture
Ma Xiaoguang, a 31-year-old mechanical engineer, and his wife recently bought an apartment for $227,000 in the farthest outskirts of Shanghai so their daughter could get permission to attend a nearby public school. But they do not live there, instead renting a place in a more expensive neighborhood. They found a tenant for their purchased apartment, but for only $180 a month.
?I know the yield is too low,? Mr. Ma said, ?but I want to have a home, and an apartment makes my family and me feel safe.?
Real estate fervor was on display on a chilly recent morning at an apartment complex in the eastern city of Nanjing. Would-be buyers spent the night in tents and under quilts, lined up for a chance to buy. So many cars arrived, according to people who were there and photos that went viral on social media, that traffic seized up for a mile around the sales office.
?There were a lot of speculators,? said Han Changlong, a Nanjing real estate inspector who attended the event. ?Some people believe that if they don?t buy now, homes will become more expensive in the future.?
China?s Housing Market Is Like a Casino. Can a Property Tax Tame It?
https://www.nytimes.com/2018/01/22/business/china-housing-property-tax.html?ribbon-ad-idx=4&rref=business/economy&module=Ribbon&version=context®ion=Header&action=click&contentCollection=Economy&pgtype=article
Ma Xiaoguang, a 31-year-old mechanical engineer, and his wife recently bought an apartment for $227,000 in the farthest outskirts of Shanghai so their daughter could get permission to attend a nearby public school. But they do not live there, instead renting a place in a more expensive neighborhood. They found a tenant for their purchased apartment, but for only $180 a month.
?I know the yield is too low,? Mr. Ma said, ?but I want to have a home, and an apartment makes my family and me feel safe.?
Real estate fervor was on display on a chilly recent morning at an apartment complex in the eastern city of Nanjing. Would-be buyers spent the night in tents and under quilts, lined up for a chance to buy. So many cars arrived, according to people who were there and photos that went viral on social media, that traffic seized up for a mile around the sales office.
?There were a lot of speculators,? said Han Changlong, a Nanjing real estate inspector who attended the event. ?Some people believe that if they don?t buy now, homes will become more expensive in the future.?
China?s Housing Market Is Like a Casino. Can a Property Tax Tame It?
https://www.nytimes.com/2018/01/22/business/china-housing-property-tax.html?ribbon-ad-idx=4&rref=business/economy&module=Ribbon&version=context®ion=Header&action=click&contentCollection=Economy&pgtype=article
