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Thread: Is this idea stupid?
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[quote=JIMMYB,358826]Are you speaking literally, JimmyB? Or are you suggesting that the cost per square foot or square meter for a home is more than a month's salary? Not literally. It is a fact. The cost per square meter for a home is more than a month's salary to a large portion of Chinese people. An old financial rule that I was taught as a boy was the cost of housing should not exceed 25% of your income. Griz, this rule can't be applied in China. According to that real estate developer, he said that it was normal the housing prices are 4 to 6 times of your income. Bullshit! Take Xi'an for example, an apartment costs you 300000 to 400000 RMB. According to the statistics, the average annual income in 2007 was 25012 RMB. The housing cost is 12 times of the average annual income. It is not like what he said.[/quote]
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