A Tale of Two Cities

I have read and watched so much about China's rapid development and growth over the years, a recent chat with a ex-colleague from Shanghai has made me appreciate more how it impacts and what it means to average white collar on the street.

Yu, a Chinese IT professional working in Shanghai and drawing about RMB10k a month back in 2006 when he was in his early 30s, was very concerned about the rising property price in Shanghai then, bought a medium size apartment in Shanghai for less than RMB 2 million. Over the years, he continued to buy 2 more properties with leveraging on debts, 1 in Hangzhou and another at his hometown ( tier 3 city). He is now in his early 40s and told me that he and his wife are planning for early retirement just to take care of their little daughter ( just turn 2 years old)...oh yes, the wife also has 2 more properties in her own name!!

He told me that his properties if sold at market value and after settling all bank loans, he probably would have around RMB10 million. So they can stay in one of the properties belong to the wife and life should be quite comfortable.



Lee, a Malaysian IT professional working in Kuala Lumpur and drawing about RM 5k a month in 2006 when he was in his early 30s and bought a double storey house in Cheras for about RM300k.
He has also bought another apartment for about RM300k few years later. I believe the market value of the properties he owned has more than double now, but that does not provide him with sufficient wealth to retire now.


Let's put other factors aside (eg too subjective to compare quality of life), I see 2 young professionals - the average white collar in 2 different cities having about the same back ground and similar career path but ended up with enormous difference in amount of wealth accumulated mainly due to one big factor - wealth "created" by a country's economic success.


Whether in property or stock investment or even a career opportunity, we should encourage our next generation to have a wider horizon and look beyond where we are now. A short 10 years could bring a vast difference in life if we are at the right place at the right time and of course, make the right decision and just need to ride on it without having to do a lot.
Yes, I should or could have...........well, nothing is too late.