Apr 30 2008
Real estate in China
China is experiencing breakneck speed modernization, and the transformation since 1980s. No sector has the seismic change as the real estate. Chinese love to own real estate. The landowners in the past were solid middle to upper class. Then they were out cast during Mao’s reign from 1949 to 1976 and little beyond, in which people were simply state wards. They allocated by the state, as my parent were: Mom in Beijing and Dad in Sichuan then Kunming in Yunan (think New York to Houston), they lived in state properties and among their colleagues, bounded by danwei, work unit. Now Chinese are bounded as in the western world, yezhu, homeowners. .. Not until 1980s the private ownership took place. Although messy in ownerships, especially for the overseas Chinese who wanted to own a piece of real estate in China, but people started living in their own houses and apartments.
Jiujiu/Jiumu and their son are still living in the old family house on Canzheng Hutong in Xidan. Xiaoyi and Xiaoyi fu are living in a three-bedroom 2-bathroom apartment near Shuishang Gongyuan park, from the hospital they retired from. When we visited Beijing in 2003, we stayed with Xiaoyi. The gated complex are rather new, each elevator’s manned by a human and would turn off after 11pm. Guess those are far cry from the luxurious ones. Immediately out of the gate were slew of restaurants or sheds that sold Delicious food, varies from dishes to flour products, like dumplings, jiucan hezi - chive pancakes, etc. They were so yummmy, I once had 5, Yishi’s eyes popped out. Ya I was under nuristed, :)) The alley ways surrounded it were so narrow for cars, each time drove by I’d hold my breath. Xiaoyi told me that they were all gone now. They’re eagerly waiting for us to visit again. But each time as soon as I mentioned China, starting with the Ch, the kids would say … NO.