The country cannot afford construction of large villas to meet the demand of a few high-end customers while sacrificing the interests of the majority.With city dwellers making (according to Time) an average of $3,333 per year, the average price of a 100-square-meter apartment ($113,000) was simply out of reach. Okay, so something had to give, and I guess socialism with Chinese characteristics doesn't trust the market to work itself out on its own before an acute — and potentially socially destabilizing — housing shortage occurred.
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The housing market in China is just bizarre. Qingdao, my former city of residence in China, is full of half-empty apartments and subdivisions catering to the wealthy. Apparently, the Chinese don't trust the stock market, so they pour their money into real estate, building and buying new homes that await renters.
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