this post was submitted on 08 Nov 2024
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Isn't the housing situation significantly worse in China? You put entire down payments and then pay the mortgage for the house to still yet be built. And last year so many defaults happened that no houses were being built and no one was being returned their money when they wanted out.
The grass is not greener on their side. It's still fucked, just a different fucked.
Those are the speculative houses xi is arguing against here. China doesn't have involuntary homeless, that's mainly why 'ghost' cities were built. Now the private housing market is fucked right now, and there's a good chance there will never be privately built homes again in China. But that has nothing to do with the housing supply, and does not affect homeownership or housing rates
90% of families in China own their home, with 80% of these homes are owned outright. https://www.forbes.com/sites/wadeshepard/2016/03/30/how-people-in-china-afford-their-outrageously-expensive-homes
no, 0% of chinese own their home, it's a lease from the state
You do know that every house belongs to the government in case of need, right? In every country (except maybe Somalia).
https://peoplesdispatch.org/2023/07/10/why-are-there-no-slums-in-china/
can you point to the law that says that?
they're made to last 50 years. Expensive houses are falling apart