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FEB 20, 2013 - Zero Hedge

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Meet China's Housing Debt Slaves

Think Americans are the only people in the world toiling under a gargantuan, and unrepayable, debtload, which at last check was a massive $55.3 trillion, or about $175K per person? Think again. Meet Sherry Sheng, a 29-year-old Shanghai policewoman, who bought herself a 4,000 yuan ($642) black fur jacket, splurging for the last time before she starts paying off the mortgage on her first home. Sherry is what is known as a Chinese "housing slave." Bloomberg explains: Sheng is part of a generation of middle class that Chinese media has dubbed “fang nu,” or housing slaves, a reference to ... Read More

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