After getting burned by the recent drop in the stock market, Chinese investors are seeking salvation by buying up real-estate as rocketing prices in properties in China's big cities continue to fuel a buying frenzy.
Thousands of people wait in line, clogging the road. But this is no tourist destination, or half-price sale. Queues like this are becoming a more common sight in China, as a buying frenzy continues in the big city property market.
"So many people there, it's so crazy, so crazy"
For many of those queuing, a house is much more than a place to live. People are snapping up homes in top-tier cities, in the hope prices will keep surging.
"My colleague bought an apartment last June, the price of which has already surged five million yuan, which we are hardly able to gain through less than 10 years' hard work. I'm feeling very stressed about this, because if you don't buy a house, you'll lose a lot"
Many others have similar opinions and don't want to miss the boat.
The rush to buy is hardly uprising. Price of houses has soared in Shanghai and Shenzhen recently, rising more than fifty percent over the past year, the fastest pace since 2011
"The house has surged 80 thousand yuan in just five days since we first visited it. And now, after two months, the price has climbed over 400 thousand yuan"
With the soaring prices, it will perhaps take some time before the frenzy in China's real-estate market cools down. But for the moment, it seems that for many people in China, property remains the best place to park their savings.
