Wang Pei stands in the doorway where she will live after getting married. Her husband's parents purchased the Bejing apartment for the couple.
Wang Pei stands in the doorway where she will live after getting married. Her husband's parents purchased the Bejing apartment for the couple.

China's brides demand a groom with a view



BEIJING // When Wang Pei begins married life next month, one thing she and her husband will not have to worry about is paying the mortgage. She made sure of it, agreeing to marry Cheng Zheng only if he and his family provided an apartment for the couple to live in.

"The basic requirement is that he must own a property where we can live in," says Ms Wang, 29, who works for a clothing export company. In a country where male children are preferred, marriageable women are in growing demand, giving them more clout than ever when it comes to choosing a spouse.

"Women have an advantage when they choose men. They have more options," said Ms Wang. "That's why they are becoming more and more demanding."

There seems little doubt that the requirements of young Chinese women are changing. In a 2010 survey by the Chinese Association of Marriage and Family Studies, 70 per cent of women insisted their prospective husband must have an apartment.

Attitudes to property have been transformed by economic growth, according to Sun Xiaying, 60, a retired journalist who has observed the changes closely in the decade since her daughter Jiang, 35, married.

She says it is "quite understandable" young women now make material demands of their prospective husbands, a far cry from the days when most women moved into the home of their husband and his parents.

"The living standard has increased quite a lot, so to have a comfortable life, you require the man to provide a lot of things. It is a much more materialistic society than we used to have. A house or a flat would be a must," she says.

"At the time when my daughter married we asked nothing, just that they got on well and if their relationship was stable. That was fine."

According to Kathy Leung, a marriage researcher at the City University of Hong Kong's department of applied social studies, young women are becoming more independent, individualistic and wealthy, and with these come their growing expectations. She also believes China's one-child policy plays a role.

Couples restricted to having one child are often keen for a boy, and sex-selective abortions have resulted in a skewed gender ratio.

Last year, almost 118 boys were born in China for every 100 girls, and state media report that by 2020, mainland China will have a surplus of 24 million men of marriageable age.

"The imbalance of gender in China could cause women to demand high-value goods from their prospective husbands," said Ms Leung.

Often a groom's parents help him out by providing an apartment, a significant help in a city like Beijing where property values have tripled over the past decade.

For young men whose parents are unable to, the challenges are formidable.

According to data from a 2011 personnel conference, graduate starting salaries in even the highest-paying industries such as finance, IT and property average just 2,520 yuan a month (Dh1,468).

Yet a 100-square-metre apartment in Beijing, figures from Beijing Real Estate Association show, costs an average of 1.39 million yuan - or 46 years' salary.

"It is as though having a wife is now a luxury," says Wang Lichao, 25, an undergraduate originally from Inner Mongolia province who is currently in an internship with a precious metals company.

"The gender ratio plays a very big part in this. All these women have [the idea of] a dream husband who will provide everything for them. It makes it very difficult for the average man to get married. If I don't have material success, I will feel frustrated."

Given these pressures, some young men realise they cannot marry and live in a big city. Wang Tao, 28, a government administrator, hopes instead to find a fiancée in his home province of Henan in central China.

"Women there are not that materialistic. That's why it's easier to get married there," he said. "I have seen a lot of couples split up when they graduate because the girl might choose to stay in a big city, but the man cannot satisfy her [material] wishes, so he goes back to his home province."

He might take heart though from the likes of Chen Weiguo, a 42-year-old property developer. Unlike many parents, he will make no material demands of whoever becomes his son-in-law. The sole requirement, he says, is that he must "be kind to her. That's enough." However, his daughter, Chen Shiyi, 18, a business student at Leicester University in the United Kingdom, takes a different view.

"I think [a husband] having a house and a car is a must have," she said confidently. "I think I want my husband to help me."

dbardsley@thenational.ae

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”