{"id":39065,"date":"2016-12-27T14:11:48","date_gmt":"2016-12-27T07:11:48","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-many-middle-income-families-in-beijing-are-moving-underground\/"},"modified":"2016-12-27T14:16:18","modified_gmt":"2016-12-27T07:16:18","slug":"why-many-middle-income-families-in-beijing-are-moving-underground","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/why-many-middle-income-families-in-beijing-are-moving-underground\/","title":{"rendered":"Why many middle-income families in Beijing are moving underground"},"content":{"rendered":"


\nThe only way is down
\nPassengers crowd a subway station on National Day, Oct. 4, 2013 in Beijing, China. testing \/ Shutterstock.com
\nBetter-known for accommodating\u00a0migrant workers, Beijing\u2019s underground apartments are becoming increasingly popular among mid-market home-seekers looking to overcome soaring property prices in areas close to the Chinese capital\u2019s top schools, the South China Morning Post reported.
\nSales of basement and subbasement units are occurring mostly in the Xicheng and Dongcheng districts, home to many of the city\u2019s elite schools.
\nMore: Has China fallen out of love with American real estate?
\n\u201cSubbasements are a great option, as the earliest buyers of the school district homes are concerned about changes in school distribution policy, while the latecomers are worried that prices have surged to an unaffordable level,\u201d Fang Lin, the father of a preschool child, told the Post.
\nCoupled with recently passed property curbs on second-time buyers, the toll of housing down-payments on Beijing parents have grown ever more humongous. Home values in the Xicheng and Dongcheng districts have zoomed past CNY100,000 (USD14,400) per square metre.
\nUnderground units are not impervious to the skyrocketing market though. One unit near a primary school sold for a record CNY9 million, the Post reported.
\nSome 616 underground units were sold in the first eight months of the year, the Post reported, citing a report by property consultancy Yunfang Data.
\nBeijing placed fourth in the latest quarterly Global Residential Cities Index with a year-on-year home price growth of 30.4 percent in the third quarter.
\nRead next: 7 things we learned from the 2016 Richest People in China report
\n
\nSource : property-report.com
\nRead more…Why many middle-income families in Beijing are moving underground<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The only way is down Passengers crowd a subway station on National Day, Oct. 4,...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-39065","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-aa5","jetpack-related-posts":[{"id":39015,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/amid-beijings-sky-high-home-prices-parents-go-underground\/","url_meta":{"origin":39065,"position":0},"title":"Amid Beijing\u2019s sky-high home prices, parents go underground","date":"December 26, 2016","format":false,"excerpt":"\r Wu Zhen, a Beijing mother of a three-year old, was scouting for a home for her daughter\u2019s education when an agent introduced her to a \u201csubbasement (\u534a\u5730\u4e0b\u5ba4)\u201d property. Like most potential home buyers, Wu\u2019s first reaction was a frown. Basements bring to mind dusky, shabby holes with inadequate sanitation\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":49877,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/beijing-to-launch-lottery-for-prized-school-spots-as-home-prices-go-through-the-roof\/","url_meta":{"origin":39065,"position":1},"title":"Beijing to launch lottery for prized school spots as home prices go through the roof","date":"March 28, 2017","format":false,"excerpt":"\r Beijing will introduce a lottery to allocate some primary school places in a bid to rein in rising \u00adprices for homes near coveted academic \u00adinstitutions, according to Chinese media. Most pupils in the capital are assigned to a school within their neighbourhood, and many parents have spent millions of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":139156,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/beijing-scraps-limits-on-listing-prices-of-pre-owned-homes-in-popular-haidian-school-district-in-bid-to-prop-up-demand\/","url_meta":{"origin":39065,"position":2},"title":"Beijing scraps limits on listing prices of pre-owned homes in popular Haidian school district in bid to prop up demand","date":"September 13, 2023","format":false,"excerpt":"\r In Haidian, a district known for its good schools and access to quality education, 29 properties are now publicly advertising their listing prices for pre-owned homes.\r \r Source : South China Morning Post\r Read more...Beijing scraps limits on listing prices of pre-owned homes in popular Haidian school district in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":148447,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/china-property-lived-in-home-sales-rise-but-prices-fall-in-shenzhen-beijing-shanghai\/","url_meta":{"origin":39065,"position":3},"title":"China property: lived-in home sales rise but prices fall in Shenzhen, Beijing, Shanghai","date":"December 11, 2024","format":false,"excerpt":"\r Too early to conclude China\u2019s real estate sector has bottomed out, Nomura\u2019s chief China economist Lu Ting says.\r \r Source : South China Morning Post\r Read more...China property: lived-in home sales rise but prices fall in Shenzhen, Beijing, Shanghai","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":144441,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/china-property-revival-in-shanghai-beijing-and-shenzhen-luxury-home-prices-bodes-well-for-mass-market\/","url_meta":{"origin":39065,"position":4},"title":"China property: revival in Shanghai, Beijing and Shenzhen luxury home prices bodes well for mass market","date":"May 19, 2024","format":false,"excerpt":"\r Recovery in China\u2019s luxury home market is gaining pace, while recent measures by the government could help turn around the fortunes of the property industry.\r \r Source : South China Morning Post\r Read more...China property: revival in Shanghai, Beijing and Shenzhen luxury home prices bodes well for mass market","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":113475,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/china-developers-turn-to-old-charm-lower-tier-cities-for-cheaper-land-bank-as-prices-in-beijing-shenzhen-soar\/","url_meta":{"origin":39065,"position":5},"title":"China developers turn to old-charm lower-tier cities for cheaper land bank as prices in Beijing, Shenzhen soar","date":"January 8, 2020","format":false,"excerpt":"\r Skyrocketing land prices in Beijing and Shenzhen are forcing some of China\u2019s biggest developers to scour for cheaper land bank in lower-tier cities in northern and western regions while authorities tightened financing to temper credit risks in speculative hotbeds.Taiyuan, the largest city in the northern province of Shanxi and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/39065"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=39065"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/39065\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=39065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=39065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=39065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}