Word: chovanec
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...among home buyers in China, is there a significant amount of debt financing. According to Patrick Chovanec, a professor at Beijing's Tsinghua University who studies the Chinese real estate sector, only about 50% of residential purchases are made using mortgages. The other half are paid for in full at the time of acquisition. (In the U.S., by contrast, over 90% of residential housing transactions are financed with mortgages.) One of the reasons for this is that, just like Yang, many Chinese have been moved out of formerly state-owned housing units in urban areas as part of redevelopment projects...
...with their savings. Just 34 years out of the chaos of the Cultural Revolution, and less than 15 years down the road from a nasty bout of inflation - consumer prices rose a staggering 21% in 1994 - the Chinese regard real estate as vital security (what Tsinghua's Chovanec calls the "bar of gold" syndrome). Yang says he hasn't even tried to rent out two of his three apartments because "it's not that important to gain income from them; there is security in just owning them. They are paid for, and I know that if I ever get into...
George J. Chovanec...
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