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Thursday, October 10, 2013

The Secret Behind The Chinese Housing Bubble?

The Atlantic suggests that some of the problem behind skyrocketing housing prices in China is the keeping of mistresses. 
Keeping a mistress is a normal part of life for successful Chinese businessmen and government officials, and in some ways they have become more visible in recent years, playing roles in corruption scandals and even, sometimes, turning in their lovers. 
They and their big-spending partners may also be contributing to ever-increasing real estate prices in some of China’s biggest cities. That’s because these women, often from rural areas, are regularly kept in apartments that their lovers buy for them in urban centers, near his work or home. The practice has created entire neighborhoods of apartments in big Chinese cities filled with women who would otherwise be living at home with their families, or perhaps sharing a rental.
Beijing, alone, was estimated to have 200,000 such "kept women" in 2010.

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