Shenzhen ranks top in terms of most unaffordable housing in China, Caixin reports. According to a paper released by E-House China R&D Institute, which tracks the property market in China, Shenzhen’s home prices were 36.9 times the average annual net income in the city in the first three quarters of 2016, the highest in China, up 49.4% compared with the same period last year. Shenzhen was followed by Shanghai; Sanya, a seaside holiday destination; and Beijing, all with home prices 20 to 22 times the average annual net income, the report said. The national ratio is 7.6. The ratio of home prices to annual net income is a common indicator of bubbles in the housing market, and in developed countries, the figure normally falls between 6 and 7.