Five big Chinese cities rank among the priciest housing markets in the world, surpassing notoriously expensive cities like Tokyo, London and New York, based on calculations by the International Monetary Fund. In fact, seven out of 10 of the world’s least affordable markets—Beijing, Shanghai, Shenzhen, Hong Kong, Tianjin, Guangzhou and Chongqing—are now in China. Here’s a look at how China’s biggest cities stack up, via Sober Look:
Note that that the price-to-wage ratio, which measures median housing prices in a given city against median disposable incomes, reflects affordability rather than absolute property value. This means the mid-range price of an apartment in New York is 6.2 times more than what a typical family makes in a year. By comparison, it would take nearly a quarter-century of earnings to buy a pad in Beijing’s capital outright.
For the rest of the story: http://qz.com/99280/china-has-the-priciest-housing-on-the-planet/