More Under-30 Youths Buy Houses in Shanghai

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Last updated at: (Beijing Time) Saturday, May 17, 2003

More Under-30 Youths Buy Houses in Shanghai

Jiang, a 26-year-old female in China's economic hub Shanghai, has just bought a 640,000-yuan (78,000 US dollars) apartment, which she will pay for in monthly installments.

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Jiang, a 26-year-old female in China's economic hub Shanghai, has just bought a 640,000-yuan (78,000 US dollars) apartment, which she will pay for in monthly installments.

She paid 300,000 yuan for the first installment and will pay 3,000 yuan monthly over the next 20 years, about one-third of her monthly salary.

A survey conducted by local consulting company Funa said young people between the ages of 26 and 30 had outpaced those aged 31 to 35 as the active group of buyers in Shanghai's real estate market.

People aged 26 to 30 now account for 16.48 percent of the total house buyers in Shanghai, according to the survey.

The growth of consumers of this age group is attributed to their increasing income, said Yang Zijiang, head of the real estate research arm of Funa.

About 66.26 percent of the families of this age group have a monthly income of at least 6,000 yuan in Shanghai.

They have a similar desire and capacity with those five years older to buy an apartment of their own after working for five to eight years, Yang added.

Young people this age more easily accept new concepts such as housing loans, thanks to their education, and most of them have more favorable expectations of their future career development and income, he said.

Around 74.24 percent of home buyers between 26 and 30 are well-educated, with a bachelor's degree or higher, compared with 42.25 percent of the total home buyers in Shanghai.

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