Thank you for the explaining. I always had the impression that Chinese interest in gambling was like a taut rubber band - just once let it go and gambling would blast off into uncontrollable levels.
A portion of this statement seems somewhat contradictory:"For the post-90s and post-00s generations, the traditional ladders of success, high scores, prestigious degrees, and grueling “996” work schedules, are no longer guaranteeing the middle-class dream. With youth unemployment hitting record highs and the property market cooling, the dream of buying a home and raising a family feels increasingly like a statistical improbability."
If real estate prices are declining, buying a home becomes more affordable.
The issue is that housing prices have far exceeded what salary levels can support. However, as the real estate market remained booming until about five years ago, young people were still willing to take on 30-year mortgages to buy property as an investment. The current situation is different: buying a house has become a liability, with prices slowly declining and salaries stagnating. Consequently, homeownership has actually become even more unattainable for the young generation.
Thank you for the explaining. I always had the impression that Chinese interest in gambling was like a taut rubber band - just once let it go and gambling would blast off into uncontrollable levels.
A portion of this statement seems somewhat contradictory:"For the post-90s and post-00s generations, the traditional ladders of success, high scores, prestigious degrees, and grueling “996” work schedules, are no longer guaranteeing the middle-class dream. With youth unemployment hitting record highs and the property market cooling, the dream of buying a home and raising a family feels increasingly like a statistical improbability."
If real estate prices are declining, buying a home becomes more affordable.
The issue is that housing prices have far exceeded what salary levels can support. However, as the real estate market remained booming until about five years ago, young people were still willing to take on 30-year mortgages to buy property as an investment. The current situation is different: buying a house has become a liability, with prices slowly declining and salaries stagnating. Consequently, homeownership has actually become even more unattainable for the young generation.
That's a good take on an intractable problem. It's the only game in town for a lot of folks.