Chinese cities take top spots with most unaffordable housing

Updated 2017-01-23 11:03:33

In Hong Kong, Beijing and Shanghai, it now takes more than 30 years for an average household to buy a 90-square-meter apartment, making them among the top five cities with most unaffordable housing.

The ranking, compiled by advisory firm Oxford Economics, is based on price-to-income ratios across the world.

Hong Kong tops the list, followed by Mumbai. London, on fifth spot, is the highest ranked non-Asian city.

The home price in Beijing averaged 40,178 yuan (,820) per square meter, according to statistics released by the Municipal Commission of Housing and Urban-Rural Development earlier this month.

Beijing and Shanghai's red-hot market comes as the nation's real estate sector suffers rollercoaster cycles, in part fueled by the government's policy shift.

Since October, dozens of Chinese cities have announced measures, including purchase limits and tightened mortgage restrictions, to prevent prices surging out of control.

However, rental yield in Mumbai, Shanghai and Beijing is "remarkably low," noted the report, adding that this could be an indicator that valuations in those cities are "stretched."

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58May 23 2018 10:55:22

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16May 23 2018 10:55:22

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18May 23 2018 10:55:22

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords