CHINA’S housing market has long been a story of two parts: bubbly prices in major cities and a glut of unsold homes in much of the rest of the country. Over the past year this gap has grown even wider. Prices in a handful of megacities, especially Shenzhen and Shanghai, have soared, while those elsewhere have barely budged. The contrast is illustrated by this affordability index, which was created by the Economist Intelligence Unit, to track the relationship between prices and incomes in different cities.
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