Mainland China has the highest rate of home ownership among young people in several countries. A study by HSBC found that 70 per cent of “millennials” surveyed on the mainland owned their own home. That compared with 35 per cent in the United States and 31 per cent in Britain. Some 9,000 people were polled in nine countries aged between 19 and 36.
The high rate of home ownership among younger Chinese could be due to the cultural value placed in owning your own property, relatively high incomes for young people, or the one-child policy allowing parents to devote resources to one offspring, according to analysts.
The situation on the mainland contrasts with the problems young people face in Hong Kong trying to buy a home. A survey published last year by the Hong Kong Federation of Youth Groups suggested many young people expected to work for up to 25 years before they could afford an apartment. Of the 800 survey respondents, aged 18 to 34, only 213 intended to get on the property ladder – a drop to below 27 per cent from 55 per cent in 2006. Around 10 per cent said they currently owned property, while more than 54 per cent had no purchase plans and 9 per cent were undecided.