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 * revisions for Housing in China*

Before 1978, the construction of housing in China was sacrificed for the development of industries and industrial growth. The construction of the housing industry only received a small portion of state-allocated funds to continue to develop the industry. Low urban housing rents were causing the available housing to be rented out quickly, giving the state little money for the precious space they are renting out. This lead to a shortage of housing and a shortage of funds to build more housing. The cost per square meter compared to the cost of upkeep of the apartments per square meter was unbalanced, leading to less funds and less housing projects.

Lee, Yok-shiu F. “The Urban Housing Problem in China.” The China Quarterly, no. 115, 1988, pp. 387–407., www.jstor.org/stable/654863.

In recent years, Chinese builders have added 100 billion square feet of housing space in China, equating to 74 square feet per person. Construction of urban housing was a major undertaking. The country has shown a major shift in allocating funds and resources to housing their people, building over 5.5 million apartments between the years of 2003 and 2014 in China’s cities, as well as employig just under 30 million people in 2014 alone.

Glaeser, Edward, et al. “A Real Estate Boom with Chinese Characteristics.” The Journal of Economic Perspectives, vol. 31, no. 1, 2017, pp. 93–116., www.jstor.org/stable/44133952.

Between the years of 1995 and 2015, the total investment allocated to the housing industry from the Chinese government has increased from a cap of 50,000 yuan to a cut-off point of 5 million yuan.

National Bureau of Statistics of China >> Annual Data. N.p., n.d. Web: http://www.stats.gov.cn/english/Statisticaldata/AnnualData/. Retreived 30 Apr. 2017.