Packs of real estate agents swarm around cars parking along an avenue in Chongqing, south-west China. Drivers are engulfed by touts who repeatedly ask: “Looking to buy a house?”
In the bustling marble reception halls of new developments such as the Yorkville and Lakeside leisure life estates, sales staff tell prospective buyers that they should snap up half-finished apartments now or risk missing out.
In most large cities, home sales have plummeted in recent weeks as local governments scramble to cool overheated property markets by restricting new purchases, or even by arresting real estate agents suspected of “rumour-mongering”.
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