As China’s real estate slump began to hit sales at the Champs Elysées development in the picturesque lakeside city of Hangzhou, the company building it responded with a price cut.
Angry homeowners gathered to protest, holding banners with slogans such as “Return my blood and sweat money!” as police formed a barricade around the office entrance. The residents relented eventually, perhaps with the creeping realisation that the days of making easy money are over.
“People are returning to rationality,” says Chen Xuemei, sales manager at the Champs Elysées. “If they are starting a family and need a home, they will still buy. But people are no longer buying homes expecting to earn a big profit.”
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