Letters and Blogs

A generation of mortgage slaves

The post-1980 generation have been dubbed the independent, well educated, and creative generation. But now, they have to confront an inconvenient fact - the sky-high housing prices.

Since housing prices in Chinese cities are dauntingly high, most young people have to spend 15 to 20 years' income to buy a flat. Many of them have to rely on their parents to make the down payment. Shackled by the heavy burden of mortgages, they dare not set up business or even raise a child.