Chinanews, Beijing, Mar. 5 –Recent reserch shows, according to CHINA SECURITIES JOURNAL, that young people born during and after the1980s take up a large proportion among new house-buyers, that is , 26.7% in Beijing. This is especially so in the purchase of low-cost houses. The savings of young couples and their parents now serve as an important driving force of the house market in main cities in China.

 

The very cause of this phenomenon is because, in the traditional sense of Chinese people, having a couple’s own house is a symbol of a steady state of their postmarital life and work. Thus, in face of the exorbitant house expenses in big cities, those born since the 1980s have to ask their parents for financial help when approaching their marriageable age.

 

Take Beijing for instance, an apartment priced at 10000 yuan /m2 is certainly a colossal sum to a newly-graduated college students earning an average of mere 3000 yuan per month. The price of the houses is so high that, within the 4th Ring Road, even a secondhand two-bedroom apartment will cost buyers at least RMB 400 to 500 thousand, say, 200 thousand yuan as initial payment plus the expense of decoration. Therefore, young couples cannot but turn to their parents to buy their apartment, which would cost them 5-10 years to accomplish on their own in the high-consumption society.

 

Another research reflects the prevalence of the same phenomenon. To the question,” Is it popular for young people to buy their appartment with the help of their parents in your city?“ 84.5% of answerers in Beijing are yes, 86% in Nanjing, 74.16% in Chengdu, and 87.71% in Tianjin.