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Underground world hints at China's coming crisis

By Implode-Explode Heavy Industries

``... in the city's vast network of unused air defence bunkers, as many as a million people live in small, windowless rooms that rent for £30 to £50 a month, which is as much as many of the city's army of migrant labourers can afford... Checking out the price of property above ground it is not difficult to see why. To buy a small flat (860 sq ft) in the tower block above ? a typically grim, grey concrete affair ? currently costs more than £200,000. In a city where the average monthly salary is 4,000 yuan, the average person would take 50 years to buy such an apartment, assuming they saved every penny they earned. ''

Full post as published by Mortgage Lender Implode-o-Meter on February 02, 2011 (boomark / email).