Editor’s Note: How much does it cost to purchase an apartment in Beijing? In Xi’an? In Kunming? With rising rent and purchase prices, housing has become a hot topic in China. This author breaks down the cost of apartments in different Chinese cities with a handy chart.
In “Ode to Joy,” a hit Chinese drama, three female characters share an apartment in Shanghai. The show is supposed to be fairly realistic. The three character’s apartment is not tiny, but it is not unrealistically large either. Many say that Shanghai apartments are more expensive than those in Beijing. How much does it cost to buy an apartment in Beijing or Shanghai? What will 1 million RMB get you in different cities in China?
|What will 1 million RMB get you in different cities in China?|
|Price per square meter||Housing area|
1 Million RMB in Beijing
For 1 million RMB in Beijing, you may be able to purchase a 20 square meter apartment. You cannot purchase a large apartment or home. Many feel that prices have skyrocketed in Beijing.
Which cities can you live more comfortably today for 1 million RMB? We’ve collected data to give you the big picture. House prices are higher in first-tier cities and on the east coast, while prices are lower in central and western inland cities.
The Most Expensive Cities
Beijing, Shanghai, and Shenzhen are the three most expensive cities to purchase an apartment in. Cities like Hangzhou, Guangzhou, and Xiamen are catching up at more than 20,000 RMB per square meter. However, in many provincial cities, prices are less than 7,000 RMB per square meter.
A large number of residents who lease apartments in Beijing and Shanghai are not Beijing and Shanghai residents (80% and 84% respectively). Renters come from Hebei, Shandong, and Heilongjiang in Beijing, and Anhui, Jiangsu, and Hubei in Shanghai.
The cost of a down payment on an apartment in a first-tier city may be the same as the cost of an entire house back in many Chinese people’s hometown.
Considering Your Options
Beijing is the core of China’s northern region, but housing prices on the edges of the city are lower—far below the average price for home in the city center. You could purchase a large home on the periphery of Beijing with a 1 million RMB down payment.
In Shanghai, the area on the edge of the city and nearby cities like Nanjing and Hangzhou are also very popular, but are cheaper than central Shanghai.
Faced with the realities of the market, it is important to consider your choices carefully when purchasing a home or apartment in China.
Source: QQ News
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Unsustainable madness. Thirty years salary for a dog-box in a hell-hole. And it could all be gone in the blink of an eye. Like it could just collapse due to shoddy workmanship (not unlikely) or someone higher up in the pecking order who goes by the name of Comrade decides they want it (quite possible). Or the term of the lease expires, be it 30, 50 or 70 years (certain). Little wonder their heads spin when they realize they can buy buy the ground in a country such as Australia and thereby slip their ill-gotten gains away from prying eyes if and when they start to open.
May 26, 2016 13:48 Report Abuse