Mob of Eager Chinese Homebuyers Caught on Video Breaking Down Doors to Buy a House

Mob of Eager Chinese Homebuyers Caught on Video Breaking Down Doors to Buy a House
Ryan General
September 27, 2016
Eager Chinese homebuyers stormed into a residential building to buy flats that went on sale at around 9 a.m. on Saturday.
In the mad dash to get the first deals, the mob of 100 homebuyers literally brought doors down, knocking them off from the hinges.
The footage of the frenzy, reportedly taken at a venue selling new real estate in Hangzhou, was uploaded to Sina but the exact source of the footage was not confirmed.
As the rush of the crowd started to fill the lobby, the set of double front doors flew off its hinges, landing on one person who struggled up to rejoin the property-hungry buyers.
Based on the National Bureau of Statistics, prices of property in Hangzhou have been on a steady rise since April, 2015, South China Morning Post reported.
The city is currently experiencing its fastest growth period ever, in part as a result of the recently held G20 summit and the upcoming Asian Games scheduled in 2022.
To moderate the craze, the municipal government has decreed that non-local residents who already have a residential property in Hangzhou were no longer allowed to buy more beginning September 19.
In many major cities, investors have been liquidating their stock market investments to purchase apartments for a sure return in profits. While recent stats show a minor decline in property purchases in major cities like Beijing, Shanghai and Guangzhou, second-tier cities continue to increase in demand and prices.
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