With the summit between the US and the DPRK, Chinese cities near the DPRK border are starting to see increasing economic opportunities. But that would depend on if and when the DPRK normalizes relations with the rest of the world and opens up its economy. --Dandong is one of those cities. Its property market has been heating up ahead of the Trump-Kim summit, that's forcing the Dandong government to roll out measures to control property prices. Xu Xinchen explains.

A possible ripple effect in the DPRK's progress with the West.

"It's a good thing for the DPRK to open up, and we are discussing investment opportunities here in Dandong."

"Local residents can also see benefits in terms of foods and consumer products."

People have been descending on Dandong — a northeastern Chinese city just a few kilometers from the DPRK border. Newcomers and natives alike hope to gain from the recent thaw in relations between the DPRK and the rest of the world.

XU XINCHEN DANDONG, LIAONING PROVINCE STANDUP "In Dandong's New District, a bridge to the DPRK was completed three years ago, but it's still not open to traffic. So few people moved in, it has been called a ghost town. Many real estate projects were forced to stall or sell property below market value. Still, investors jumped on the cheap apartments, sending prices up. But the local government then started restricting unemployed non-locals from flipping, or selling their newly-bought apartments in the new district within five years."

The influx of investors boosted the local real estate market. According to the local housing authority, a total of over 200,000 square meters of new homes in the new district were sold in just the first half of May — almost 7 times April's total sales. But still, local people are taking a wait and see approach.

DANDONG RESIDENT "It's still not clear at the moment, if home prices, including in the new zone, will continue to rise."

DANDONG RESIDENT "If the DPRK's development picks up, there might be more investors coming to Dandong to boost the local economy. It's just a possibility."

And one local developer said that while the DPRK does offer development opportunities, it could take years.

HUA SHU, VICE GENERAL MANAGER GREEN CITY REAL ESTATE "I don't think Dandong will see development results overnight once the DPRK opens up. People should be rational, since buying a new home is not like buying a daily commodity that we can throw it away if it is not good. The cost to buy a home is high and the maintenance cost is also pretty high."

Hua says that since the new apartment-flipping restrictions took effect last month, sales dropped to a level seen in the first quarter this year. Prices in the new district still average around 5,000 yuan or 780 US dollars per square meter — over 20% higher than two months ago. Xu Xinchen, CGTN, Dandong, Liaoning Province.