For more on this we are joined by CCTV's Jin Yingqiao.

Q1, Tell us more about what those purchasing restrictions look like?

A1, Right, in Hangzhou, the restrictions were rolled out on Sunday saying the policy will be imposed the next day and home buyers and sellers were quick to react overnight. So right on Sunday. A total of 5105 homes were sold, some real estate developers even carried their POS machine to nearby Shanghai so their clients could pay by bank card.

A man came to Hangzhou to watch a soccer match, and he had to give the ticket to a friend so he could go house-hunting when the policy came around dinner time. So why all the drama? The purchase restriction says: non-locals who already own a home in Hangzhou cannot buy a new one. Insiders say it's a pretty mild restriction.

If you don't own a property and you are non-local you can still buy one unlike in Beijing, a non-local who don't even own one home would have to have paid five years of social insurance fees in the city before being eligible to buy. Still, Hangzhou is a very liveable city and obviously with the G20, its value just incresased a lot.

Q2, Tell us what's going on in other cities?

A1, A lot of cities introducing restrictions and Hangzhou just jumped on the bandwagon. In Hefei city in Anhui Province there's a higher threshold for down payment if you already own a home and want to buy another going all the way from 40% to 60%.  In Suzhou, a city famous for its traditional gardens non-locals will have to have paid one year of taxes before buying a new one when they already have a home.

In Nanjing also a higher down payment if you already own a home, ranging 35% to 50%. China's central bank published a survey that shows that about 54 percent of residents say the current housing prices are high, and unacceptable that's more compared to the last quarter, but about 16 percent say they will buy a home in three months also a bigger number compared to the last quarter. So it seems the higher the price hike, the more people want to buy.