Shang Zuo's column
Home visit
Home visit
About four years after I left China, I became very homesick. I started to dream of my
hometown. Beijing is a city of grand scale, with monumental buildings and wide
boulevards. My dreams exaggerated the impression even more. I dreamed a city of giants,
packed with endless mountain-like buildings. I was exulted walking in the imaginary city.
But when I woke up, I'd feel lost. Eventually, I decided that I must go home.
When the return date approached, like most who face their life events, I became
unreasonably worried. What if my flight got cancelled? What if I lost my passport? What if I
can't make it? That nonsense haunted me. But when I walked past customs and saw my
parents, sister and nephew, all the anxiety vanished. It had been nearly five years since I
last saw them.
Since then, I go back about every other year. This year, I went back in May. My parents
are very well. After retirement, they really enjoy their life. My father spends a lot of time with
his brothers and sisters. They often travel and meet old friends. I am happy for them.
Walking in the city I was reminded again that China has so many young and poor people
who are working hard and are willing to do any work. And people are respectful to older
generations. No wonder seniors live an enviable life.
The only thing that doesn’t change is change itself. Beijing has become increasingly a
hometown. Beijing is a city of grand scale, with monumental buildings and wide
boulevards. My dreams exaggerated the impression even more. I dreamed a city of giants,
packed with endless mountain-like buildings. I was exulted walking in the imaginary city.
But when I woke up, I'd feel lost. Eventually, I decided that I must go home.
When the return date approached, like most who face their life events, I became
unreasonably worried. What if my flight got cancelled? What if I lost my passport? What if I
can't make it? That nonsense haunted me. But when I walked past customs and saw my
parents, sister and nephew, all the anxiety vanished. It had been nearly five years since I
last saw them.
Since then, I go back about every other year. This year, I went back in May. My parents
are very well. After retirement, they really enjoy their life. My father spends a lot of time with
his brothers and sisters. They often travel and meet old friends. I am happy for them.
Walking in the city I was reminded again that China has so many young and poor people
who are working hard and are willing to do any work. And people are respectful to older
generations. No wonder seniors live an enviable life.
The only thing that doesn’t change is change itself. Beijing has become increasingly a
strange city to me. When I asked my friends, they agreed. “Where did all Beijingers go?” they asked the same
question. Looking out of windows, or sitting in the subway, virtually all surrounding me were immigrants.
The hottest topic since my last visit has been housing price. In the 1980s, Chinese families were buying TVs and
refrigerators. In the '90s, they were equipping themselves with computers and mobile phones. Now they're racing to
buy cars and houses. China became the world's largest auto market last year. And major cities' housing price has
reached a level that the majority of the population cannot afford. Apartments in Beijing area are now as expensive as
downtown Chicago's.
What does it mean to me personally? It means, no more than 10 years after I left China, many of my friends and ex-
classmates now own more assets than me. It's common for people of my age to buy an apartment a few years after
they got married, have children, and are able to have some savings. People in China usually pay off their mortgage
loans in three to five years. Now they own an apartment that is worth several million Chinese yuans. I don't own
assets of such value.
But that's a bubble, isn't it? Yes, the property market isn't at a reasonable state and could have some adjustments
in the future. But the price is unlikely to dial back to five years ago. And Chinese currency will likely appreciate. In one
generation, overseas Chinese have descended from a wealthy group to an insignificant group compared to China’s
urban residents. Overall, the trend won't stop.
I spend a few days in Shandong, a province south of Beijing, where Confucius was born. Along 16 kilometers of
the coastline, high-rises and houses were growing up. Most of them were empty. However, they're already sold. The
new wealth bought these houses as investments or vacation homes that their owners won't come to live until
summer. The place is called Silver Beach. Not far away, another place called Golden Beach is trying to duplicate its
neighbor's success.
I read some news reports about China's property market in Business Week and Wall Street Journal. They often
mention the vast empty city of Ordos in Inner Mongolia, which might be on a larger scale than what I saw in
question. Looking out of windows, or sitting in the subway, virtually all surrounding me were immigrants.
The hottest topic since my last visit has been housing price. In the 1980s, Chinese families were buying TVs and
refrigerators. In the '90s, they were equipping themselves with computers and mobile phones. Now they're racing to
buy cars and houses. China became the world's largest auto market last year. And major cities' housing price has
reached a level that the majority of the population cannot afford. Apartments in Beijing area are now as expensive as
downtown Chicago's.
What does it mean to me personally? It means, no more than 10 years after I left China, many of my friends and ex-
classmates now own more assets than me. It's common for people of my age to buy an apartment a few years after
they got married, have children, and are able to have some savings. People in China usually pay off their mortgage
loans in three to five years. Now they own an apartment that is worth several million Chinese yuans. I don't own
assets of such value.
But that's a bubble, isn't it? Yes, the property market isn't at a reasonable state and could have some adjustments
in the future. But the price is unlikely to dial back to five years ago. And Chinese currency will likely appreciate. In one
generation, overseas Chinese have descended from a wealthy group to an insignificant group compared to China’s
urban residents. Overall, the trend won't stop.
I spend a few days in Shandong, a province south of Beijing, where Confucius was born. Along 16 kilometers of
the coastline, high-rises and houses were growing up. Most of them were empty. However, they're already sold. The
new wealth bought these houses as investments or vacation homes that their owners won't come to live until
summer. The place is called Silver Beach. Not far away, another place called Golden Beach is trying to duplicate its
neighbor's success.
I read some news reports about China's property market in Business Week and Wall Street Journal. They often
mention the vast empty city of Ordos in Inner Mongolia, which might be on a larger scale than what I saw in
Shang Zuo
Shandong. I can't imagine how many cities like these are building up throughout the
country.
The government is trying to rein the white heat housing market with policies including
controlling bank loans to speculators, and offering economical apartments to low
income groups. And they're mulling the option of introducing property tax that doesn't
exist in China. But how will the property market turn out? No one can say for sure.
The housing price and many other pressures are on the shoulders of people in their
30s and 40s. My life in the U.S. is quiet, comfortable, and above all, predictable. My
friends in China are riding in the fast lane. Some might fall behind. Some have a bright
future that cannot be estimated.
China as a nation is becoming stronger every day. According to some international
experts, it's already a superpower. But few Chinese would say so. To many, life is tough.
I don't mean the nation's progress doesn't benefit ordinary people. It does significantly.
In fact, the fast economic progress benefiting ordinary people in China and in many
Asian countries far exceeds that in Western history. But that's a general view..
In a country of more than 1 billion people, every individual, from top to bottom, easily
feels humble. Standing on the street, I saw a multitude of people, and I feel humbled. I
see power. I see tremendous will power of a great people. They scramble, they
struggle. But they'll make it.
country.
The government is trying to rein the white heat housing market with policies including
controlling bank loans to speculators, and offering economical apartments to low
income groups. And they're mulling the option of introducing property tax that doesn't
exist in China. But how will the property market turn out? No one can say for sure.
The housing price and many other pressures are on the shoulders of people in their
30s and 40s. My life in the U.S. is quiet, comfortable, and above all, predictable. My
friends in China are riding in the fast lane. Some might fall behind. Some have a bright
future that cannot be estimated.
China as a nation is becoming stronger every day. According to some international
experts, it's already a superpower. But few Chinese would say so. To many, life is tough.
I don't mean the nation's progress doesn't benefit ordinary people. It does significantly.
In fact, the fast economic progress benefiting ordinary people in China and in many
Asian countries far exceeds that in Western history. But that's a general view..
In a country of more than 1 billion people, every individual, from top to bottom, easily
feels humble. Standing on the street, I saw a multitude of people, and I feel humbled. I
see power. I see tremendous will power of a great people. They scramble, they
struggle. But they'll make it.