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May 05, 2006
How Big Is Big Enough?
Zhou Dunren, deputy director of the Pudong Institute of US Economy, says there “must be something wrong with the housing situation today”. According to his calculation, many citizens have to pay much more than 50% of their monthly income for mortgage payments in order to finance their oversized apartments, a development he calls “consumerism”. He proposes to “slow down”, using a variety of careful measures to allow housing prices to “steadily return to their natural levels”. Shanghai Daily commentator Wang Yanling puts it in a nutshell: “Bigger is not always better”. He fears “unrestricted urban sprawl”. Urban planners, he calculates, often create infrastructure capable of supporting 1 million people in cities which will “attract 500,000 people at most”. Meanwhile, big parks, big squares and big streets are “exactly what a country like China cannot afford”.
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Posted on May 5, 2006 06:42 AM by House 78.
Filed in Mortgage Calculator under housing prices.
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