In 2008, a Wenzhou merchant surnamed Chen set up a real-estate speculation squad with twenty of his friends. They bought houses on the same street, negotiated on the sale price, and went to the same agent to sell houses. If anybody sold at a lower price, Chen would kick him out of the squad. Now as housing prices decline month-over-month due to the central government’s tightened property policy, Chen has sold off his houses and used the profits to invest cryptocurrencies.

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