Monday, January 10, 2011

Apartment Buying Melee in Hangzhou

Real Estate Rage Erupts in Hangzhou
One buyer quoted in the Youth Times said he spent 5,500 yuan, or roughly $830, just to ensure that he would get a spot on one of the first buses to reach the compound. The paper described the scene at the sales office after the would-be buyers expressed their frustrations: trampled security gates, turned over tables, a couch floating in a fountain.

Buyers got into a tussle over who had first dibs on apartments averaging $1200 per square meter ($111 per square foot).

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