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A property buying fever has gripped Chinese homebuyers, who are indulging in some revenge spending on property as coronavirus lockdowns are lifted in China.
Early Bitcoin adopters from China who have now become millionaires are funneling some of their wealth out of their country by investing in real estate.
Property prices in Beijing and Shanghai fell by 0.3 percent between November 2016 and November 2017 after years of double-digit growth.
China's property market continued to show signs of cooling as home prices fell or posted slower growth in major cities amid tough control policies.
Prices of residential sites in Asia increased by 1.9% in the first half of 2016, down from 2.8% in the preceding six months.
China will cut the minimum downpayment for some home purchases in smaller cities in a bid to revive the sluggish property market and a slowing economy.