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A flat in suburbs the only choice for Chinese youngsters?
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16:59, July 31, 2009

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Nowadays, China's economy has been affected by the global financial crisis, especially in real estate. The development of realty in first tier cities like Beijing, Shanghai etc. plunged due to deepening financial crisis. However, the basic price of real estate in big cities has soared, plus the limited affect to China's realty has meant buying an apartment is still a dream for youngsters.

Chinese youngsters, especially graduates seeking jobs have to confront some practical pressure from society. The housing issue is one of these pressures. For instance, in the capital of China--Beijing, most of nonnative graduates are anxious about the housing issue. The typical low income period for fresh graduates means they may only afford the rent for a small room, but this cannot be a permanent solution to their accommodation woes. In the meantime, native graduates can live with their parents until they need to buy an independent apartment when they get married.

Along with the social and economic development, the expansion of Beijing and other cities is inevitable. The downtown area is close to saturation; hence real estate developers are eyeing the undeveloped land in the suburbs. Since 2009, compared to the high price of houses in city, the advantage of low prices in suburbs has become more prominent.

Several years ago, the scope for development in the inner city was limited, while many people were still seeking apartments with acceptable prices in the downtown area. At that time it was estimated that the future tendency of real estate development would be in the suburbs. At present, that prediction has been proved to be true.

With the characteristic of huge undeveloped areas, the price of land in the suburbs is naturally lower than that in the city. So are the house prices. In recent years, many large communities have been built in the suburbs of Beijing. For example, Tiantonyuan Community, Changping District, even in Yanjiao region which is adjacent to the border between Hebei and Beijing. These communities have the advantages of modernized facilities, green environment, and convenient transportation. Most of these communities are located beside the expressway and subway. Usually, the journey time for people to go to the city is about one hour. Low cost, environmentally friendly, modern and convenient transport, these good points just match the conditions and demands of youngsters. In comparison with the noisy city, the apartment in suburb can provide the quietness and fresh air which can make people relaxed after work.

According to the report by Legal Evening News in Beijing, a journalist discovered from many second hand housing companies that young people account for 60% of total customers since 2008, and that the new realty is in a similar situation.

Every coin has two sides. The apartment in the suburb also has disadvantages: some basic facilities such as schools, hospitals and so on are imperfect, and there is the long distance to the downtown business district and workplace. People are also dissatisfied.

All in all, living in the suburbs is a practical trend for young people right now. If they want to own there own separate apartment and pay back less loan, living suburb is their new choice.

By People's Daily Online



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