Beijing resident Hu Yongwei bought more than a dozen apartments in the small central Chinese city of Hebi for about $31,000 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 this month in purchasing his 15th property in Hebi, where prices have plunged over the last two years.
The deals demonstrate that buyers are starting to turn their attention towards smaller cities in China where property prices are some of the cheapest in the country after years-long declines amid a wider sector downturn and a sluggish overall economy. Hu paid a surprisingly low 1,000 yuan excluding taxes and fees for one of his apartments in Hebi. According to data from Anjuke, one of China's largest real estate platforms, prices are 27% off their 2021 peak in some areas in the city.By comparison, prices in top-tier Beijing, where an average second-hand home can cost tens of thousands of yuan, fell just 1.
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