Beijing has the world’s least affordable rental housing, according to a survey of 15 global cities, with average prices more than 1.2 times average salaries.
The report by the Global Cities Business Alliance, a UK-based not-for-profit organisation, raises fears over inclusive growth in a city that — according to one Chinese survey — this year surpassed New York to become the world’s billionaire capital.
Soaring house prices, which rose 18 per cent in the year to March, and restrictions on non-residents buying houses until they have paid tax in Beijing for five years, make renting the only option for many of the city’s young adults and migrant workers.
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