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Cake day: January 29th, 2025

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  • China has a homeownership rate that’s half again as big as the US

    This is part of the ongoing misinformation by ml.

    In the 1980s, China ‘formalized’ what is called ‘property rights’ of Chinese people. The government effectively granted citizens lease rights. These lease rights usually have a maturity of several decades (70 years if I remember correctly). However, the Chinese party-state still owns the land, which means the lease rights can be revoked at any time.

    Now, propaganda channels report of high ‘property ownership in China,’ which is simply false. It’s basically some sort of subordination and serfdom: as long as you play by our rules and don’t ‘make trouble’, you can ‘own’ your flat. Just don’t criticize the Party or like the wrong post or something …

    So the story of a high home ownership rate in China complete rubbish.