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Another reason is the rise in third- and fourth-tier cities may depend on an increase in hidden local debt. In this round of the real estate cycle, housing prices continued to increase for a long time with a huge overall rise. Decrease of housing prices in more third- and fourth-tier Chinese cities indicates the end of the boom in the property sector, which started at the end of 2015.

Apartment buildings for relocated residents in Hangzhou, East China’s Zhejiang province, are ready for handover on April 28, 2020. [Photo/Sipa]

Another reason could be that there aren't many people who require such a visa, said Christina Wang, a professional who specializes in the Chinese visa service in Shanghai.

Another factor defending Chinese stocks from foreign bourse contagion was that investors have become accustomed to the market volatility in the United States, Hong said.

Another flight has been scheduled to take off at 6:30 a.m. Monday to pick up nearly 300 Chinese tourists home, according to the company.