Tuesday, April 20, 2010

How the Chinese Buy Houses - 中国人怎么买房子

When I was in China last month, I made a trip to the Olympic Stadium in Shenyang, where a three-day real estate fair took place.

The fair was like a county fair in the US. Many buyers and onlookers rushed in. There was an opening ceremony, a band and many VIPs.

People came here to look and pounce on deals. In picturesque Hangzhou (near Shanghai), people grabbed several really expensive units within hours.

In China, people buy houses like buying turnips.

I guessed there were several obvious reasons behind this madness: no other investment gained value as fast as housing; no sales tax and capital gain taxes; low interest rates...

It was a freezing cold day but people were not deterred:

IMG_8035
Red carpet treatment

IMG_8019
Many buses ready to take potential buyers to see the buildings

IMG_8036
People started to file in

IMG_8080
Facing the entrance, was a supermarket, whose parking lot was completely full

IMG_8037
The band

IMG_8039
People lined up for ... a deal? a counselor?

IMG_8040
Where to start?

IMG_8082
People distributed leaflets

IMG_8066
Inside the showrooms

IMG_8045
A model building

IMG_8073
And the sale women

IMG_8069
all dressed to the ninth

IMG_8081
By the time I left, more people were coming in

No comments:

Post a Comment