A survey has suggested that China has the highest rate of home ownership among young people in several countries polled. The study by HSBC found that 70% of “millennials” surveyed owned their own home, compared with 35% in the United States and 31% in Britain. Some 9,000 people were polled in nine countries aged between 19 and 36. The high rate of home ownership among younger Chinese could be due to the cultural value placed in owning property, the relatively high incomes of young people, or the one-child policy allowing parents to devote resources to one offspring, according to analysts. Despite skyrocketing housing prices in major Chinese cities such as Beijing and Shanghai, many smaller cities are still affordable for young people, according to Vincent Cheung, Deputy Managing Director at real estate consultancy Colliers International. Some young Chinese can earn higher incomes in second and third-tier cities and then buy cheaper properties in their smaller home towns, he said. Homes are also often bought by their parents. “Once middle-class young people save some money, they invest in real estate. There aren’t that many other industries to choose from for investments or that they have confidence in,” he added. In Hong Kong, a survey published last year by the Hong Kong Federation of Youth Groups suggested many young people expected to work for up to 25 years before they could afford an apartment, the South China Morning Post reports.