INTERNATIONAL: China’s real estate obsession hits consumption

PHOTO: Empty shopping malls such as this one in Shanghai are not an uncommon sight in China. (Photo by Kosaku Mimura)

BEIJING — China’s obsession with getting on the property ladder is taking its toll on consumption, as inflated real estate prices burden homeowners with hefty mortgage repayments, leaving them little disposable income.

In a country where home ownership carries immense cultural significance, especially in the capital, the need to purchase a property separates those who spend freely from those who keep their purse strings tight.

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