Five big Chinese cities rank among the priciest housing markets in the world, surpassing notoriously expensive cities like Tokyo, London and New York, based on calculations by the International Monetary Fund. In fact, seven out of 10 of the world's least affordable markets--Beijing, Shanghai, Shenzhen, Hong Kong, Tianjin, Guangzhou and Chongqing--are now in China。
Note that that the price-to-wage ratio, which measures median housing prices in a given city against median disposable incomes, reflects affordability rather than absolute property value. This means the mid-range price of an apartment in New York is 6.2 times more than what a typical family makes in a year. By comparison, it would take nearly a quarter-century of earnings to buy a pad in Beijing's capital outright。
房价和工资比是某一城市的平均房价与平均可支配收入的比值,它反映了人们是否能承受这种房价而不仅仅是房产的绝对价值。这也意味着,纽约一间中等价格的公寓是一个普通家庭一年收入的6.2倍多,而要想在北京的中心城区买间房子要花去一个中国家庭近25年的收入。
Residential property is a big mess for the Chinese government--and it's not going away. Last month, prices on new homes leapt 7.4% in June 2012--the biggest uptick since last December。
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