Beijing's house rent ranks third highest in world

16:56, December 24, 2009      

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"Forbes" has issued a list of cities with the highest house rent in the world. According to the statistics, Tokyo, Hong Kong and Beijing are the top three on the list, and Shanghai ranks fifth. Nine of the top ten cities are from Asia.

According to this list, the annual house rent in Tokyo and Hong Kong are both higher than Beijing, but if measuring the ratio rent takes in income per capita, the cost for living in Beijing is higher than Tokyo and Hong Kong.

Renting a house with two bedrooms in the top three cities prices don't vary more than 10,000 HK dollars for a year. However, the income per capita of people in Tokyo and Hong Kong each year is at least 5 to 7 times than that of Beijing. The house rents take 13.9 percent and 8.8 percent of people's annual income in the two cities, but in Beijing and Shanghai, the figure suddenly increases to 61.1 percent and 48.8 percent respectively.

Loos, the chief councilor of Mercer Management Consulting, which made a survey on living cost, said Europe was once the region with highest house rent, but currently the cost of living index in Asian cities have gradually caught up, mainly due to limited land, building demand outstrips supply and promoting causing rising rents.

Source: Beijing News
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