A new report from HSBC claims that China is host to the world’s highest homeownership rates for millennials.
The HSBC report on global homeownership entitled “Beyond the Bricks: The Meaning of Home,” claims that the homeownership rate amongst China’s millennials is currently 70%, putting it well ahead of the global average of 40%.
The study encompassed nine countries including Australia, the UK, the US and Malaysia, and interviewed a total of 9,000 respondents.
The report’s Chinese sample was heavily urban-focused, with 85% of respondents hailing from the cities, 14% from counties and only 1% from rural villages.
The unusually high homeownership rate amongst Chinese millennials may appear starkly at odds with China’s status as an emerging economy and its reputation for having overheated property markets.
The HSBC report notes however, that 36% of Chinese millennial depending upon contributions from their parents to purchase housing, as compared to only 26% in France.
According to the report while the global average home ownership rate for people from the ages of 19 to 36 is 40%, this figure varies wildly between countries.
The UAE had the lowest millennial homeownership rate at 26%, while Australia came in at second last with a figure of 28%.