Housing takes huge share of urban families' assets

The asset allocation of urban households in China is unbalanced, with nearly 80 percent of family wealth spent on housing in 2017, although these families' average total assets grew fairly quickly, a report said.

The average total assets of urban households reached 1.5 million yuan ($221,000) per family in 2017, up by a compound annual growth rate of 7.6 percent from 970,000 yuan in 2011. The figure is expected to have increased to 1.62 million yuan in 2018, according to a report jointly issued by China Guangfa Bank Co Ltd and Southwestern University of Finance and Economics.

The report was based on a survey on nearly 10,000 urban households with an average annual family income exceeding 67,817 yuan in 23 cities across China.