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The market kept rising and he knew little about other industries, so he kept investing in real estate. “I was in my early 20s, and I already owned two to three properties, a car and lots of cash,” he recalled.
“I felt very good about myself, but I wasn’t satisfied. I went a bit crazy and bought a few more properties at the peak of the market.”
Between 2015 and 2017, home prices in Yanjiao nearly tripled. Alarmed, the local government implemented property curbs, for example allowing only people with hukou (local household registration) to buy. This ruled out workers in Beijing who would have otherwise commuted.
Within a month, prices “dropped by two-thirds, more or less”, said Tu.
Adding to the pain, Beijing sealed its borders after COVID-19 struck, making it impossible for workers to commute from neighbouring provinces, so even Yanjiao’s rental market evaporated.
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