Beijing’s Property Crackdown Puts Owners in Limbo
(Beijing) – Desperate to get on the housing ladder, Pang Fei shelled out more than 1.1 million yuan ($160,000) last year for a 38-square-meter (409-square-feet) loft apartment under construction on the outskirts of Beijing.
It was far from ideal, but at a cost of around 13 times the average annual salary in the Chinese capital it was the best the 35-year-old could afford. He was afraid that after years of waiting in vain for prices to fall, only to see them soar almost out of reach, this could be his last chance to fulfill his dream of owning his own home.
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