Work for 130 years to afford apartment in China
By IANS - BEIJING
28th January 2013 10:59 AM
A luxury apartment in Shanghai or Beijing costs more than 130 times the annual income of an ordinary wage earner in China, says a report by a US online property research company.
This is an indication that home prices in China have reached a "dangerous level", the Shanghai Daily quoted the Global Property Guide report as saying.
China was ranked fourth globally in terms of per square metre price/per capita GDP ratio.
In India, Cambodia and the Philippines, an average income earner needs to work about 740, 319 and 142 years respectively to afford a luxury home, it said.
The report, however, did not specify the cost of a luxury home or what constituted an "ordinary wage".
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