May 9, 2017

HMM: Chinese Millennials — Already Big Homeowners — Use Apps to Snap Up Overseas Property.

About 70% of Chinese millennials, those born between 1981 and 1998, own a home, the highest share of respondents from nine countries and regions who were surveyed in a recent HSBC study. Chinese parents often register home purchases under their child’s name to prepare the child for marriage and raising a family, which likely boosts the percentage.

Still, a growing sliver of Chinese millennials are looking to buy property abroad. Kevin Lee, chief operating officer of Beijing-based consulting firm Youthology, put the percentage in the low single digits but said it would continue to increase.

The lure? A millennial’s desire to hedge against yuan depreciation and find affordable homes in cities with cleaner air for their children to live in when they study abroad. In the past year, home prices have soared to more than 30 times household income in major Chinese cities.

Chinese young adults are worried enough to hedge against their own country’s future, yet are still doing better financially than California’s young adults — and Bernie Sanders sees California as the model to “transform” the Democratic Party.

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