China on the verge of migration shifts, as cities adapt to changing housing market

CHANGING Ideas
According to Associate Professor Laura Wu from Nanyang Technological University’s School of Social Sciences, those born in the 1970s and 1980s had much more poor experiences than those born in the enclosure boom.
According to her, this has resulted in “different purchase choices” from those of the past century.
Some of the young people CNA spoke to are no longer as interested in owning a house as their parents, despite having witnessed the centuries before them suffer significant losses in the current slump.
” Renting a place to live is actually a very good option right now. I don’t believe it’s important to get fixated on purchasing a home. Some people view owning a house as a form of boldness, but a young Harbin native said,” I believe letting go of that addiction and experiencing different things might actually be better.”
Another fresh person said,” Buying a house is no longer an investment, but it is a sense of belonging in the town.”
She continued,” Having a home feels hot, and it’s more about enjoying a better culture.”
Officials who have pledged to boost the supply of government-subsidized homes to meet the needs of younger people have bad news because of the changing perception.
Late last month, the housing department announced a number of initiatives to improve housing demand and stabilize China’s real estate market.
The growth rate of people and income depend in large part on housing demand. There is no reason to believe that there will be a really large cover price increase in the near future because these growth rates are going to be significantly lower than they have been for both indicators, according to Ms Wu.