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Sancho Panza

Married To The Mortgage

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http://www.economist.com/news/china/21581759-are-high-house-prices-hurting-women-more-men-married-mortgage

'CHINA’s communists attacked many bourgeois institutions after taking power in 1949. But marriage was not one of them. On the contrary, they enacted a marriage law in 1950, four years before they introduced a constitution. The pressure to marry remains heavy in today’s China, where almost 80% of adults have tied the knot at some point, compared with only 68% in America. But today, in contrast to the 1950s, marriage is bound up with another bourgeois institution: property.

In China mortgages often precede marriages. According to popular belief, if a man and his family cannot buy property he will struggle to find a bride. In choosing a husband, three-quarters of women consider his ability to provide a home, according to a recent survey of young people in China’s coastal cities by Horizon China, a Beijing-based market-research firm. Even if a woman herself dismisses this criterion, her family and friends, not to mention the country’s estate agents, will not let her forget it.

“Naked marriages”, as property-less ones are known, are endorsed by increasing numbers of young people. But as they get older, their attitudes may regress faster than society’s progress. One 28-year-old Beijing woman married her husband after falling in love with him at college. But “if you introduced a man to me now, and he couldn’t afford a home, I wouldn’t marry him,” she says. “I need to be more realistic. I’m not a 20-year-old girl.”

Some economists argue that competition for brides in China’s marriage “market” helps explain the punishingly high prices in its property market. Houses are least affordable in those parts of China where men most outnumber women, argue Shang-jin Wei of Columbia University, Xiaobo Zhang of the International Food Policy Research Institute and Yin Liu of Tsinghua University (see chart).

Men (and their families) splash out on property to improve their position in the marriage queue. But that merely forces other men to spend more in response. Unmarried men are locked in a Darwinian race, the economists argue. Overpriced homes are like the extravagant plumage of a peacock, an eye-catching encumbrance that only the most resourceful males can put on display.'

Must be hard for Chinese men working out which one is the bigger millstone round your neck,her indoors or the flat on 18 times local salary.

I have to say,that some UK/US based friends,might feel this article is a little close to home.

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http://www.economist.com/news/china/21581759-are-high-house-prices-hurting-women-more-men-married-mortgage

'CHINA’s communists attacked many bourgeois institutions after taking power in 1949. But marriage was not one of them. On the contrary, they enacted a marriage law in 1950, four years before they introduced a constitution. The pressure to marry remains heavy in today’s China, where almost 80% of adults have tied the knot at some point, compared with only 68% in America. But today, in contrast to the 1950s, marriage is bound up with another bourgeois institution: property.

In China mortgages often precede marriages. According to popular belief, if a man and his family cannot buy property he will struggle to find a bride. In choosing a husband, three-quarters of women consider his ability to provide a home, according to a recent survey of young people in China’s coastal cities by Horizon China, a Beijing-based market-research firm. Even if a woman herself dismisses this criterion, her family and friends, not to mention the country’s estate agents, will not let her forget it.

“Naked marriages”, as property-less ones are known, are endorsed by increasing numbers of young people. But as they get older, their attitudes may regress faster than society’s progress. One 28-year-old Beijing woman married her husband after falling in love with him at college. But “if you introduced a man to me now, and he couldn’t afford a home, I wouldn’t marry him,” she says. “I need to be more realistic. I’m not a 20-year-old girl.”

Some economists argue that competition for brides in China’s marriage “market” helps explain the punishingly high prices in its property market. Houses are least affordable in those parts of China where men most outnumber women, argue Shang-jin Wei of Columbia University, Xiaobo Zhang of the International Food Policy Research Institute and Yin Liu of Tsinghua University (see chart).

Men (and their families) splash out on property to improve their position in the marriage queue. But that merely forces other men to spend more in response. Unmarried men are locked in a Darwinian race, the economists argue. Overpriced homes are like the extravagant plumage of a peacock, an eye-catching encumbrance that only the most resourceful males can put on display.'

Must be hard for Chinese men working out which one is the bigger millstone round your neck,her indoors or the flat on 18 times local salary.

I have to say,that some UK/US based friends,might feel this article is a little close to home.

..China is a special case because of their one child per couple rule...but most people would have been unhappy to marry without somewhere to live say 30 and more years ago even in this country ...but today through benefits the ball game has changed ...but works against those who wish to stand on their own two feet due to the artificial market fed by these benefits....which basically subsidises UK employers for those in work on low wages ....is such subsidy not unfair competition in or trading markets...?.....and should companies not be faced with the task of paying wages to subsist and progress without subsidy.... :rolleyes:

Edited by South Lorne

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The concubine is as old as Chinese flu. Have these so-called Darwinian under-achievers not heard of prostitution?

Or perhaps there's more straightforward explanation for China's hpi that the 'scientists' haven't yet grasped? Liar loans. rolleyes.gif

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  • 244 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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