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COMING UP:Share Opener Variant 3

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Transcript

00:00:01
>> This is Shu Tibeng, he is 28 and from the coastal Chinese city of Xiamen. Shu is a recent homeowner. But he says paying his mortgage and credit card debt takes up over 90% of his income while he get some help from his parents. He says his rent is about to go up, and if that happens, he'll be in a very tight spot.
00:00:21
>>
INAUDIBL
]. While they told me that they feel exhausted, frustrated and even miserable living the everyday life.>> Analyst say a similar scenario is playing out a cross cities in China, where home process are among the highest in the world relative to people's income.
00:00:45
>> The constant cities foamy beaches and laid back lifestyle has drawn a huge influx of rich property speculators have caused some problems. Even causing panic buying among local residents.>> That extreme household debt means locals are avoiding spending money on almost anything else.>> I've talked to newlyweds who do not have babies as they regret their decision of buying property here and fresh graduates who cost spending on food, drinks, traveling and just entertainment.
00:01:14
All of them express a fear of being kidnapped by their
00:01:33
It's a situation similar to the household debt process in the United States shortly before the 2008 financial crash. And as led economist to want to reduce consumption in China could undermine Beijing's plans to relay on domestic spending to whether a trade work with Washington. But for the residence of Xiamen, those Christians are a long way away from just making sure they can manage crippling debt and make ends meet.