Young Chinese prefer 'lease' to 'purchase'
(Xinhua)
Updated: 2006-01-30 09:12

More and more young Chinese people are choosing to lease houses and cars instead of purchasing, as they opt for a more flexible life without financial burdens.

As China Youth Daily observed, attitudes are changing. In contrast to their ancestors who believed that one should live in a house of his or her own, young people prefer an easy life without the complications of a mortgage.

A recent survey showed in Shanghai that more than 1.5 million people are living in leased houses, of which 20 percent are white-collar workers with a monthly income of 5,000 yuan (625 U.S. dollars) or more.

"It's not because we can't afford the housing, but I hate my life being affected by loan," said Xu Yun, staff with a Shanghai tourism company.

In Xu's eyes, people who buy a house and a car are forced to calculate their earnings and their expenditure day by day, which deprives them of joy and fun in their life.

A lady who only gave her surname as Wu to China Youth Daily, said she and her husband, despite amassing a deposit sufficient for the down payment for an apartment, choose to stay with her parents-in-law for several years to come.

"I am waiting for the fall in house prices," said Wu, adding that she is not willing to be driven and harnessed by the loan.

The case is similar for a lady whose surname is Zhao, who works at a financial consulting company and also has a part-time job as a cosmetics consultant.

The company lays on a shuttle bus for its staff, so Zhao only needs a vehicle for her part-time job. She rents a car for her part-time job with a monthly expenditure of 600 yuan (around 75 U.S. dollars), which is far less than the expenditure for owning a car.

"Renting a car has spared my money and has taken a load off my mind," Zhao said.

In recent years, Chinese people have put more emphasis on the taste and quality of life, and have spent more on house furnishings. Bi Keren, a teacher in Qinghua University, bought two plants of azalea worth 2,000 yuan (250 dollars). However, the flowers died only one month later due to her lack of experience.

To embrace the Spring Festival which will falls on January 29 this year, Bi rented two plants of azalea costing no more than 200 yuan (25 dollars) for two months. The florist also offers a pruning service.

Since there are strict limits on pet-feeding in big cities like Beijing and Shanghai, pet lovers have also turned to renting a pet for 10 to 20 yuan (1.25 to 2.5 dollars) for a happy weekend.