Just a day after the “New March Deal” was announced in China, a Taiwanese businessman based in Hangzhou paid a 330,000 USD downpayment for an apartment at a Hangzhou property company, and all in cash.
The People’s Bank of China along with the housing ministry and banking regulator announced on March 30 that buyers of second homes would only be required to make a minimum down payment of 40 percent, down from the previous 60 percent.
The new rules are meant to “promote a healthy development of the housing market” by encouraging potential buyers to “take the plunge”. In this case, it seemed to do the trick.
According to Zhejiang News, the Taiwanese buyer, who’d been in the foreign trade business in mainland China for years, couldn’t wait to get his US dollars exchanged before hurrying to make a down payment on a luxury apartment in Hangzhou that he’d had his eye on.
A real estate staffer told reporters that their customers typically pay with cash or credit card, but since they don’t have a cash-counting machine for US dollars at hand, staff members had to go through the painstaking task of counting the bills by hand. Finally, they had security guards help escort the money to a nearby bank for exchange.
The report didn’t disclose much money the customer paid in full for the property.
The unnamed Taiwanese buyer isn’t the only one eager to hand over stacks of cold, hard cash for a home. A Fujian man last month made a down payment on his new Xi’an apartment with 100,000 one-yuan coins. The coins, weighing 600kg, were shipped to the land sales office via mini-van and required over 10 security guards to help unload.
By Lucy Liu
[Images via NetEase]