21 Feb '13, 4am

'Mortgaging' entire life to repay a home loan

http://www.businesstimes.com.sg/spec...-loan-20130221 Published February 21, 2013 'Mortgaging' entire life to repay a home loan 'Housing slaves', a part of China's growing middle class, help real estate prices rebound [SHANGHAI] Sherry Sheng, a 29-year-old Shanghai policewoman, bought herself a 4,000 yuan (S$792) black fur jacket, splurging for the last time before she starts paying off the mortgage on her first home. Ms Sheng is part of a generation of middle class that Chinese media has dubbed "fang nu", or housing slaves, a reference to the lifetime of work needed to pay off their debts. They're taking on mortgages even as the government maintains property curbs to damp prices that have almost tripled since China embarked in 1998 on a drive to increase private home ownership. "It's a treat for myself because I could never afford such a luxury after I start repaying my h...

Full article: http://forums.condosingapore.com/showthread.php?p=371372#...

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