More Chinese Workers Are Keen to Buy Property in Hometown, Nearby Areas, Survey Finds(Yicai Global) Jan. 20 -- Compared with previous years, more Chinese workers are willing to buy houses in their hometowns or nearby areas rather than in the large cities where they work, the results of a survey by 58 Anjuke Institute showed.
Some 41.2 percent are prepared to buy an apartment in their native town or the provincial capital, according to the report, published today, up from 37.8 percent last year, as preferential permanent residency policies become a bigger draw for second-tier cities.
Another 49.7 percent prefer to buy in the city where they work, while the remaining 9.1 percent choose cities close to their work city.
When asked about the reasons for returning to their hometowns to purchase a property, the report said 53 percent are mainly enticed by preferential policies for talent and settlement. That figure was 27 percent last year.
The convenience of taking care of parents and families was a factor for 48.4 percent, with 42 percent opting to return home because house prices in big cities are unaffordable. The findings also showed that many who leave first-tier cities will choose to buy in second-tier cities closer to their hometowns.
Judging from data over the Lunar New Year holiday last year, Chongqing, Chengdu, Xi’an and Suzhou are the most attractive cities for hometown returnees. In addition, the popularity of Hangzhou, Nanjing, Dongguan, Wuhan and Zhengzhou for home buying has increased among the returnees.
In recent years, home prices have climbed by more in provincial capitals than in non-provincial capitals, Zhang Bo, president of 58 Anjuke Institute branch, told Yicai Global.
It is easier for some people who have left first-tier cities to find jobs that match their abilities in provincial capitals, where education and health resources are also more attractive, Zhang noted.
Strong second-tier cities such as Chengdu, Zhengzhou, Changsha, Wuhan, Xi’an and Chongqing are drawing in a growing number of settlers, said Peng Peng, executive president of the Guangdong Society of Economic Reform.
That is because those cities have enjoyed fast economic development and population clustering in recent years, with the income gap with first-tier cities narrowing and the prospect of an easier life, Peng said.
Editors: Shi Yi, Peter Thomas
