Langfang Housing Frenzy: Pay 120,000 Yuan To Wait in Line, 5 Minutes to Choose Home

Home buyers line up 1 hour before new homes go on sale, crowd shut down intersection
Although Langfang, a city located on the edge of Beijing in Hebei province, recently introduced measures to slow the property market, the resumption of sales (see earlier Beijing 9070 Policy Expected to Return, Langfang Developers Halt Sales) has been met with frenzied buying thanks to the buying panic in Beijing.

SCMP: Beijing’s housing market gets a little frothy after market-calming measures help cool transactions in Shenzhen and Shanghai

Tightened housing market policies in Shanghai and Shenzhen have had the unintended consequence of spurring Beijing’s housing market, as secondary market transactions surged to a three-year high in March.

In Langfang, developers sell reservation slots as a marketing tactic. The current bout of buying panic has home buyers paying an average 20,000 to 25,000 yuan for a reservation simply to secure a spot in line, with one project's reservation slots selling for 120,000 yuan.

"North three counties," the property market in short supply, Arranging become a prerequisite to buy a house, real estate Arranging different charges ranging from 20,000 to 35,000 yuan.

Yanjiao north of the Property due to the proximity planning Pinggu line Yanjiao Nord and several highways, the market that a large value-added space, buy a house several times more than prepared for sale listings. If you want to buy the real estate, you need to pay an intermediary to sell 120,000 "room ticket fee" in order to obtain qualified to buy a house.

These buyers still wait in line for hours before sales officially begin. When they get inside, they learn the price per square meter has increased 3,000 yuan (more than 10 percent) and they have 5 minutes to decide if they want to buy. This example below is a microcosm of what's happening all over the city:

Jia Kun turn the election into the room from the opening has been nearly three hours. Jia Kun went to see prices stunned than the sales price per square meter to inform high of nearly $ 3,000. Developers are yelling: "Only five minutes election room time." Panels on all digital, we can not visually see the apartment, she asked only sales, while watching the display panels. Five minutes later, the scene began as security people more people who didn't buy out, there are many conflicts, and some people squeezed by the crowd angrily leave.

Sales in the OTC continues to call and send voice Jia Kun, asked him to choose room no. Almost no time to think more particularly, Jia Kun nearly 24,000 / square meter price of Linhe subscribe a house, total 2 million. The highest spot price of housing unit price of nearly 28,000.

Kun Jia's experience is a microcosm, almost hot "north county" to buy a house have the same experience. Arranging urged, almost no time to consider the election room, higher than the expected price. Hopeful Banyan Bay Chen Xi told the Phoenix real estate sales a day or two before the opening, the opening price the developer will inform the marketing company, but generally inform developers opening price than the price of 1,000-2,000 yuan higher sales were aware of this situation. But Jia Kun sales did not tell the truth to him.

iFeng: 环京楼市有多疯狂：买房只给5分钟选房(图)