English.news.cn - 2014-12-30
BEIJING, Dec. 30 (Xinhua) -- After years of
breath-taking expansion, China's property sector is finally cooling
down. However, buying a house is still an unaffordable option for Lyu
Haoran, a post-1990 graduate in the western city of Lanzhou.
Lyu, 24, grew up during China's most prosperous decade. He now faces a
housing market where ballooning prices make it harder for young people
to buy a home.
The property sector has been an important driver of growth in the
world's second-largest economy for most of the past decade, as housing prices soared and construction of new apartments mushroomed across the country.
"I cannot afford one now. I don't want to sacrifice the quality of my
life just to afford an apartment, even if I have sufficient savings to
pay the down payment," Lyu said. "Home-ownership is not my top priority
and it seems not so important for our generation as it used to be for
our parents."
A recent study by the Chinese Academy of Social Sciences (CASS)
confirmed the change in the mind-set of young Chinese, most of those
born in the 1990s like Lyu.
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