|
The highflying housing prices in Shanghai have
made it popular for a newlywed
to purchase homes with the help from both of their parents,
today's Shanghai Evening Post reported.
More than 80 percent of newlyweds have bought homes with the support
from their parents.
Parents of both brides and bridegrooms usually
give out the down payments of the homes for their children and the
newlyweds pay the monthly mortgage
loans
.
It is true that local newlyweds can afford the monthly mortgages, but
cannot afford the down payments which mostly account for at least 30
percent of the home prices, said an industry analyst.
According to a survey of 147 homes for newlyweds, 53 percent of the
initial payments are paid by parents, and only 31 percent are paid by the
couples themselves.
Zhao Xiaopeng, came to Shanghai with his wife after graduating from
non-local universities. The couple, with a monthly income of 5,000-10,000
yuan (US$602 - US$1,200), has bought a pre-owned apartment priced at
400,000 yuan, with 30 percent paid by their parents as down payment and
the rest in mortgage loans.
Seventy percent of newlyweds choose to live with their parents, mainly
native Shanghaiese. Living with parents can save time for doing housework
and parents can also help them bring up children, said a local newlywed,
adding that they can buy home for their own when their can afford to in
the future.
(Agencies) | 
Updated: 2005-04-14 11:42
