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Report: Nearly 90 pct of Chinese families own houses

By Jiang Fan (Beijing Morning Post)

14:42, May 15, 2012

Edited and translated by People's Daily Online

The Chinese home ownership rate stands at nearly 90 percent, far higher than the global average of about 60 percent, and the average rate of return on first homes in Chinese cities is above 300 percent, according to the China Household Finance Survey Report jointly issued by Southwestern University of Finance and Economics and the People's Bank of China on March 13.

Among the nearly 4,000 urban households surveyed, over 3,400 have their own homes, representing an over 85 percent homeo wnership rate. The rate is markedly higher among rural households, standing at nearly 95 percent.

In China, the home ownership rate is higher in rural areas than in urban areas, and higher in the central and western regions than in the eastern regions, according to the report.

China’s urban households owned over 1.2 homes on average in 2011, a substantial increase from over 0.7 homes in 2010 according to statistics from China International Capital Corporation.

Li Daokui, a professor at Tsinghua University, said that the survey results do not contradict the strong demand for homes.

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