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It's also the case in China where 73% of millennials are homeowners.
by mushbino 5y ago
It's also the case in China where 73% of millennials are homeowners.
- seanmcdirmid 5y agoConsidering china is still very rural that doesn’t seem surprising. But China is still in their 1980s Japan phase where real estate in Shanghai is worth more than all of California.
- aaomidi 5y agoChina just builds out entire cities years before they're necessary.
- pydry 5y agoIt's not a deliberate policy. There's precious little else to put your money in so the Chinese end up using property as a savings account. Developers will often skimp on construction quality as a result, since they know that nobody will actually be living in them.
- aaomidi 5y agoYou seem to have read the western propaganda that has misrepresented the situation: https://en.wikipedia.org/wiki/Under-occupied_developments_in_China https://en.wikipedia.org/wiki/Under-occupied_developments_in...
- seanmcdirmid 5y agoYes, and often those cities will be torn down before they are actually used. It’s all good: turns out demolition also counts as positive GDP in their statistics.