Assets and Residential Demand of Chinese Households
基于2011年中国家庭金融调查数据，揭示中国家庭资产分布不均，住房是重要组成部分，并估算城镇住宅需求远超当前供给。
Due to lack of household level data,very little was known about households assets in China.In 2011,Survey and Research Center for China Household Finance(CHFS) conducted a nationally representative household survey.The completed 8438 sample households are located in 320 communities in 80 counties,both rural and urban,covering 25 provinces.According to the survey,average assets of Chinese households are 1.217 million yuan while the median assets are only 203,000 yuan at the time of the survey.For urban registered residents,the average assets are 2.476 million yuan and the median assets are 405,000yuan.Only 14.3%of the urban households and 21.34%of the rural households have their assets to be higher than the corresponding averages.The average household assets in Central,Western China are only 14.2%,12.1%of that in Eastern China.Housing is a very important component of household assets.It is likely that the price of housing will fall in the long run.According to the data,the residential demand for housing of the current urban households is 70.83 million units.Compared to a current supply of 40.46 million units,there are another 30.37 million unites needed.This residential demand will be met for less than 2 years given the current building capacity.Over the long term,the real estate industry is mainly to meet the incremental residential demand of about 5.79 million units annually,which is only 1/3 of the building capacity.