Chinese Housing Market Frenzy
The Toronto and Vancouver markets don’t seem so crazy anymore…
From the YouTube description: Surveillance camera caught the shocking moment a new real estate in east China’s Hangzhou city open for sale on Sept 24. The rush to buy was prompted by the introduction of restrictions on Monday which prevent people born outside Hangzhou from buying more than one property. All properties at this place were sold in just couple of hours, according to local media’s report.
Hangzhou is the latest in a series of Chinese cities to introduce property curbs in a bid to deter speculators and cool the market, which has reported rapid price increases in recent months.