Pawnshops cash in on rising home prices

Mortgage business has soared 30 percent in Beijing Huaxia Pawnshop as house prices in the city grew by about 11 percent in the third week of March.

The shop closed three mortgage deals in one day this month at the peak, said Peng Tao, director of the property department of Huaxia pawnshop.

"As house prices keep rising, consumers are not worried about pawning their houses for short-term financing. On the contrary, as the price of houses increase, the number of loans granted has increased," said Peng.