Home prices give the lie to notion of better future

A young colleague of mine told me the other day that one thing he is most proud of is his decision to buy an apartment in Beijing in 2012, two years after his graduation from university.

"In hindsight, housing price really hit a trough then," he said, referring to his purchase of a second-hand, 50-square-meter apartment within the city's Fourth-Ring Road at 26,000 yuan ($3,790) per square meter.

It turned out to be the most pivotal decision he had ever made. In less than five years, the price has nearly tripled, and the gain, though on paper, has made him the happiest man in the world.