It’s a big savings,» said Frida Long. She hadn’t intended to fill up at the Chevron, but couldn’t say no when she drove by and saw the $1.07 on the billboard. Half a block away at the Hasty Market, gas was at $1.29 a litre. Since then, the property boom across China major cities has locked out many young locals and newly arrived urban migrants, shining a spotlight on the growing income inequality within the country and leaving millions in a bind. In Shanghai, for example, the average purchase price for an upper tier apartment is RMB 47,465 (US$7,345) per square meter and RMB 22,665 per square meter for a mid tier apartment, up 110% and 100%, respectively, from five years ago, according to property consultants Cushman Wakefield Shanghai. «When prices are over 20 times more than annual household income, it not affordable,» says Andy Xie, an independent economist in Shanghai..

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