People to quit Beijing under pressure over rent payments

0 Comment(s)Print E-mail China.org.cn, August 16, 2011
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CBD is one of the most prosperous areas in Beijing. [File photo]

Skyrocketing rent in Beijing is pushing young out-of-towners to quit the city since their salaries are out of proportion.

Over the first seven months in 2011, average monthly property rent in Beijing was 3,160 yuan (US$489), up by 13 percent over last year, while in comparison, per capita income of urban residents only rose 10 percent.

With rents accounting for about one fourth of workers' salaries, and non-residents forbidden to buy properties in the capital city, many are reconsidering their career development plan as the local government is taking greater efforts to cool down overheated housing sales.

According to local rental market from 5i5j and Homelink Real Estate agencies in Beijing, over the first six months of 2011, average rents increased 13 percent citywide, while desirable locations like the CBD and Zhongguancun saw an increase of 20 percent.

On July 13, 2011, local government published an amendment to renting regulations, vowing to take action if they sense abnormal housing rent rises, without giving any details.

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