Cheap ‘like cabbage’ apartments draw buyers and caution

Real estate agents say buyers in the small cities are mostly from out of town. — Reuters

BEIJING resident Hu Yongwei bought more than a dozen apartments in the small central Chinese city of Hebi for about US$31,000 (RM143,220) in all, betting they will be financially more rewarding than other investments.

Hu, who mostly acquired two- or three-bedroom apartments built about three decades ago, spent 18,000 yuan (RM11,679) this month in purchasing his 15th property in Hebi, where prices have plunged over the last two years.