(Source: CGTN)

A property boom has been seen just days after China’s launching of a new economic zone -- the Xiong'an new area, in Heibei province.

Following Saturday's announcement, properties in the region have witnessed skyrocketing prices in the 3 counties that the region spans. Reports say prices of some properties even doubled overnight.

Hebei authorities have banned new property sales in the new economic zone, with investigations being launched on some real estate sales operations. However, frenzied buying still has spilled over from big cities into the areas' nearby satellite cities, where price rises have been more modest.