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Parents' Savings Help Finance Home Purchases

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Mainland Chinese accept that using their parents' savings to help finance home purchases is acceptable.

Focus.cn (Chinese characters I'm afraid), one of the mainlands leading property websites based in Beijing, polled 9415 people last month and found that more than 70% believe it is acceptable to use savings to help their children buy an apartment. The remainder said young people should keep their hands off their parents' retirement nest eggs.

Cao Jiming a property researcher from Shanghai's Tongji University siad that many are forced to help because the young people are paid little compared with the soaring cost of housing in places such as Shanghai and that its impossible for them to get a downpayment together.

Under mainland rules home buyers must make a minimum 20% downpayment on apartments smaller than 90 square metres (30% for larger properties).

Professor Cao said many people were expecting property prices to rise but said that renting was an option until they had enough for the deposit.

Go ahead then punk - do ya feel lucky?

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  • 301 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% +
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      • Even
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      • up 5%

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