Quotable

"Shanghai residents are investment-savvy and that explains why the city has more households owning two properties than any other Chinese city. But at the same time, new migrants to Shanghai are less financially capable of buying a flat. This resulted in the divide in terms of home ownership."

Ren Qiang, deputy director of the Institute of Social Science Survey at Peking University, talks about the wealth gap, after the institute released a report saying that nearly 90 percent of Chinese households own at least one property and 10 percent own more than one.