Abstract
Prior to the 1990s, most Chinese people lived in state-allocated housing, paying low nominal rents. Then, in 1998, the then premier, Zhu Rongji, privatised that state-owned housing stock, selling it off at low nominal prices, creating the first private housing market in China. Very quickly, many people sought to sell off their state-provided, now privately owned homes to trade up to newer apartments, using the collateral from the home sale, plus accrued savings, which meant many could buy cash-on-the-barrel or by taking out only a relatively small loan.
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© 2014 Matthew Crabbe
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Crabbe, M. (2014). Property — The Safest Investment Bet in China?. In: Myth-Busting China’s Numbers. Palgrave Pocket Consultants. Palgrave Macmillan, London. https://doi.org/10.1057/9781137353207_13
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DOI: https://doi.org/10.1057/9781137353207_13
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-137-35319-1
Online ISBN: 978-1-137-35320-7
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