The Truth About 50 Million Empty Homes in China......@@@@@@@@@@besteducationpage

SUMMARY:

- The Chinese rush to buy property like crazy. Many of the apartments in these huge complexes are someone’s second or — wait for it — third homes! Of course, no one lives in these places.

- In 2017, the nationwide average was 74,318 yuan, which is roughly $11,000. Now, the cost of a new apartment, as far as I understood, may start from about 2,000 yuan ($300) per square foot.

- As a traditionalist society, China is very strong on family bonds. Basically, if you ask your family to help you out with the money you need to buy an apartment, they’ll most likely give you a hand.

- There are seniors who work their whole life and save a lot of money. Then there are young men and women who also work and save and who have the help of their extended families to buy themselves a new home when the time comes.

- There are many more men than women in China today, which leaves the housing issue wide open and on the shoulders of the men. To be able to marry, a young man has to have at least one apartment in his property portfolio.

- Families that have sons start saving money right from their kids’ birth to be able to provide them with a separate home later. If they have not one but 2 apartments, that increases their chances of starting their own family.

- ake the district of Chenggong in Kunming. It’s probably one of the brightest examples of these so-called “ghost towns.” But if you look at it today, you’ll see there are thousands of people living happily in their brand-new apartments.

hey have you ever considered buying

another home

I mean an apartment or a house where you

could live with your entire family if so

you probably know that it's easier said

than done especially in a big city

because the prices are sky high wherever

you are and that's not to mention the

overpopulation but consider this there

are literally millions of empty homes in

China a perfect place to settle isn't it

well not exactly

and here's why I'll start from the very

beginning I live in a rather large city

and the cost of housing here can drive

you crazy like many I'm renting an

apartment right now but I've recently

started to feel annoyed by having to

give away my money to someone who can

throw you out of their place at any time

so I began searching for other options I

must say that I'm alone and I'm quite a

free spirit so moving to another city or

even another country is not out of the

question

well I surf the web and that's when I

stumbled upon the news from China namely

about its whopping 50 million empty

homes just waiting to be inhabited

what's the deal I asked myself 50

million homes the number just couldn't

fit into my head that's an entire

population of some small European

country I decided to look closely into

the matter and I was pretty shocked by

what I found there are indeed whole city

standing more or less empty in China

however the tricky part is that they're

all bought and sold how is that you

wonder well so did I the answer is

pretty simple

the Chinese rush to buy property like

crazy

many of the apartments in these huge

complexes are someone's second or wait

for it

third homes of course no one lives in

these places

they have their primary apartments where

they live with their families they give

the second ones to their adult children

the third ones stay empty just in case

therefore the districts where there are

more of these third home dwellings look

quite deserted this seems a likely

scenario for a country with a high GDP

which China definitely is but

I was so stupid by what I learned about

their property shopping spree that I

wanted to find out how much the average

Chinese person actually earns the

surprising truth is that the salaries

there aren't that high statistic comm

says for example that in 2017 the

nationwide average was seventy four

thousand three hundred eighteen yuan

which is roughly 11,000 bucks u.s. now

the cost of a new apartment as far as I

understood may start from around two

thousand one three hundred dollars per

square foot I did a little math and my

eyebrows went all the way up to buy a

decent seven hundred foot apartment in

China you'll need at least nineteen

thousand five hundred bucks that's

almost twice the yearly income of the

average Chinese person so where in the

world do they find the money to buy

second and even third apartments the

answer is amazing in its simplicity they

share and they save China is well known

for its respect toward tradition and

that concerns family as well children

are strictly a product of marriage there

so if a couple wants to have a baby they

need to get married first and newlyweds

naturally need some place to live do you

follow me yet cool because I'm getting

to the point here let's be honest living

with your whole family in a small

apartment and I mean your parents your

spouse and your kids can be horrible

so you desperately need your own corner

but remember the average salary even a

mortgage will only be a solution if you

earn enough and live in a city cheap

enough that is if you do it all on your

own as a traditionalist society China is

very strong on family bonds basically if

you ask your family to help you out with

the money you need to buy an apartment

they'll most likely give you a hand and

that's where the saving part comes into

play most Chinese people are very

disciplined and not used to squandering

they think about the future a lot and so

they save money well I'm no stranger to

saving myself I normally put aside about

10% of my wages for big purchases on

planning but when I learned how much the

Chinese save

my jaw dropped all the way to the floor

they say 40% of their salary can you

imagine putting aside almost half of

your income

I wouldn't even survive on what's left

they do however and they seem to find it

comfortable combining these two aspects

you get a clearer picture of a typical

Chinese family there are seniors who

work their whole life and save a lot of

money then there are young men and women

who also work and save and who have the

help of their extended families to buy

themselves a new home when the time

comes okay they have the necessary

resources for that

that explains the second home but it

doesn't explain even a tiny bit though

is why they would need a third one to

leave it empty just in case what

well to understand this I had to dig

even deeper into the cultural and social

life of China and there I finally found

my answers the one-child policy that

started back in 1979 left the country in

a very tricky situation because of this

initiative there are many more men than

women in China today which leaves the

housing issue wide open and on the

shoulders of the men to be able to marry

a young man has to have at least one

apartment in his property portfolio or

his fiance's parents won't even consider

him a good match for their daughter

traditionalists remember so families

that have sons start saving money right

from their kids birth to be able to

provide them with a separate home later

if they have not one but two apartments

that increases their chances of starting

their own family well that does it I

finally cracked this nut families buy

several homes for their kids especially

their sons to give them a better future

yep there's one more thing to consider

the supply of housing wouldn't grow so

fast if it weren't for the profit of

local governments you see prefectures

and cities get their fair share of money

from the growing property market the

more it grows and the more people buy

the larger the GDP becomes and so it

happens that local government officials

get promoted for such growth seems like

a win-win to me

in fact though this growth is rather

artificial which makes the whole city

building thing quite a bubble waiting to

pop let's not forget that there are over

50 million homes that aren't actually

inhabited they're just bought by people

who are in need of some certainty this

leaves many more unfortunate guys

without any housing opportunities that's

a lot of people living in cramped

apartments with no choice but to wait

for their chance and work like there's

no tomorrow but there's one thing that

made me believe in this building boom

remember how so many headlines of the

world's newspapers called the newly

built empty districts in China ghost

towns that was a few years ago but you

can still find this stuff even today

well that turned out to be completely

untrue those places were pretty much

uninhabited back in the day simply

because very few people had managed to

move there yet

take the district of Ching Gong and

kunming it's probably one of the

brightest examples of these so-called

ghost towns but if you look at it today

you'll see there are thousands of people

living happily in their brand-new

apartments the district is pretty

beautiful by the way

with a rich infrastructure and lots of

things to do the same can be said for

Ordos the most famous ghost city of

China it stopped being one as soon as

all the socially important objects were

completed and the flow of people in

there has been pretty large ever since

according to government authorities more

than one hundred fifty-three thousand

people currently live in the district of

course this isn't as many as they wanted

there to be but it still doesn't qualify

as a ghost town if you ask me at last I

completed my little research project and

felt satisfied with what I found if only

I could remember why I did it in the

first place anyway

tell me bright siders what other

interesting facts about living in China

do you know share your insights in the

comments below I've become so involved

in this that I'd love to hear anything

you have to say don't forget to like

this video share it with your friends

and click the big red subscribe button

to always stay on the bright side

youfree money earning sites, money earning websites, get money online, online earning tips, online earning without investment, earn money online without investment for students, earn money by clicking ads, earn money online without investment, online earn money website, online jobs to earn money, best online income site, top 10 online money earning sites, easy income online, easy online earning, earn money online from home, make money online legit, earn money online free fast and easy, online earning websites list, genuine online money earning sites, online work to earn money, online surveys to earn money, earn money through internet, best online income, earn money online data entry, easy ways to make money online, best online earning websites, top websites to earn money, online typing jobs for students to earn money, earn skrill money online, earn skrill money, best way to earn money from home, make instant money online absolutely free, trusted online money making sites, online income site, best online earning, money online, earn money from home, earn dollars online, earn money online, earn money online 2019, earn money online by typing pages, earn money online daily, online work at home and earn money, online earning,