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Chinanews, Beijing, November 21 – According to a recent research report, most residents1 in big Chinese cities like Beijing, Shanghai and Guangzhou, choose to buy houses instead of renting them.
In 1998, 76.60% of residents lived in rented houses, while only 20.20% of them had houses of their own. In 2005, the proportion2 of house renters dropped to 23.16%, while 74.17% of Beijing residents bought houses of their own. Shanghai has witnessed similar changes. In 1998, 68.80% of Shanghainese lived in rented public houses, and the proportion in 2005 was only 25.39%. Guangzhouers are the most enthusiastic about buying houses among the residents of the three cities. In 1998, only 46.67% of Guangzhouers lived in rented public houses, and the proportion in 2005 was as low as 7.84%. By then, more than 90% of Guangzhouers had houses of their own.
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