for someone that lives in shanghai, this is great news. housing in shanghai + beijing are ridiculous, i don't know why a house in shanghai (1000 sq ft/92 sq m)

for someone that lives in shanghai, this is great news. housing in shanghai + beijing are ridiculous, i don't know why a house in shanghai (1000 sq ft/92 sq m) would be more expensive than a house in sf, nyc, seattle, boston, etc of similar dimensions. the running rate in a decent part of shanghai would be roughly 566,153.00 USD (for 1000 sq ft/92 sq m). this isn't even the nicest part of town, for that you'd be looking at 707,692.30 USD. take the average income of a person in shanghai which is about 461 USD /month, who could afford this?! it would take this person 38 years to save up to pay the 30% downpayment (if considering 0% inflation over that time period). i know for fact that the government's recent policies have played a big factor in this drop in prices because they now limit people from buying a 3rd house and have finally decided to add property tax. hopefully this trend will keep up--buying opportunity!