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Most Apartment Buyers in Nanjing Prefer Low-Prices Units
Seventy percent of apartment buyers in Nanjing, capital of east China's Jiangsu Provincve, choose an apartment priced at 2,500 to 4,000 yuan (about US$300 to US$470) per sq m, according to a survey conducted by a local bank.
The Xinjiekou Branch of the Agriculture Bank of China has extended 100 million yuan (about US$12 million) in loans in the last three months, with 70 percent used by individuals to improve their housing conditions.
The survey shows that those buying apartments priced at over 4,000 yuan per sq m and below 2,500 yuan per sq m both account for 15 percent of all buyers.
Those who can afford apartments priced at over 4,000 yuan per sq m are mostly entrepreneurs in the IT industry, senior managers, private company owners, actors and actresses, and top singers aged between 26 to 40. Their average annual income ranges from 60,000 to 200,000 yuan��about US$7,200 to US$24,000��. Their education levels vary from doctor degree to primary shool level.
Ordinary people with the family annual income below 30,000 yuan��about US$2,600��are principal buyers of the apartments priced at below 2,500 yuan per sq m. They are in the 35-55 age group and buy apartments mainly with bank loans, namely, about 80 percent of their payment for an apartment comes from bank loans. They account for 15 percent of all apartment buyers.
The rest buyers who account for 70 percent of all apartment buyers are civil servants, computer company employees, middle-ranking officials with profitable state-owned enterprises and some professionals, with the annual income averaging 30,000 to 60, 000 yuan��about US$2,600 to US$7,200��. Seventy percent of their payment for apartments comes from bank loans.
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