| Abstract | In Beijing, on average, only 4 percent of a family's total income is spent on the rent. The article illustrates that this was all supposed to change 1 July, 1998. On that day, existing rents will be increased to eventually equal 15 percent of household income. State-owned enterprises (SOEs) nationwide will stop subsidizing housing for new employees. Old flats will be offered to tenants. Citizens will be allowed to buy and sell property for the first time in five decades. China is bent on housing reforms. But property will not become an engine of growth soon. |
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