Fu Yongwei News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Beijing resident Hu Yongwei bought more than a dozen apartments in the small central Chinese city of Hebi for about $31,000 in all, betting they will be financially more rewarding than other investments. Hu, who mostly acquired two- or three-bedroom apartments built about three decades ago, spent 18,000 yuan ($2,528) this month in purchasing his 15th property in Hebi, where prices have plunged over the last two years. Real estate agents said low-cost apartments in smaller Chinese cities such as Huainan and Rushan in the east, and Gejiu in the southwest, are also being bought, largely by people living outside those locations.

Liangping gaoMarius zahariaLiu yongMuralikumar anantharamanHwabao trustChinese cityReal estate agentsFu yongwei