Beijing ranked world's least affordable city

Beijing has the world’s least affordable rental housing, according to a survey of 15 global cities, with average prices more than 1.2 times average salaries. The Financial Times reports that soaring house prices, which rose 18% in the year to March, and restrictions on non-residents buying houses until they have paid tax in Beijing for five years, make renting the only option for many of the city’s young adults and migrant workers. The report by the Global Cities Business Alliance, raises fears of inclusive growth in the city which this year also surpassed New York City as the world’s billionaire capital.