Chinese millennials have highest rate of home ownership: HSBC
Mainland China has the highest proportion of millennials who own their homes, according to an HSBC survey of nine countries across the world. The study found that 70% of Chinese people aged 19 to 36 owned their own home, compared to 35% in the US and 31% in the UK. Analysts believe a handful of factors are behind China's impressive score, with the one-child policy meaning that parents resources are dot divided. Other reasons include relatively high incomes for young people and a high cultural significance placed on home ownership.
Sales representatives talk to potential buyers in front of a model of a residential complex at a real estate exhibition in Wuhan, Hubei province. Photo: Reuters