Graduates lose the homing instinct

Graduates born after 1990 may become a generation of renters because many prefer to spend their money on things besides home ownership, according to a report by the Chinese Academy of Social Sciences.

About 30 percent of these young adults were living in a property of less than 20 square meters one year after graduation. Half of those surveyed by the top government think tank said that they were unwilling to reduce their living standard by taking on a mortgage.

The report - Society Blue Paper: China Social Situation Analysis and Prediction - surveyed 4,110 students born after 1990 who attended 12 universities across the country. Of the total, 2,730 were still in school and 1,380 were graduates.