By Li Hongmei

An 18-year-old Chinese student is now the owner of a property worth 12 million yuan (US$2 million) and its related loan after signing a contract in haste, reports the Beijing Youth Daily, the official newspaper of the Communist Youth League in Beijing.

The student, named Qiqi, is reported to have signed the papers while preparing for gruelling college entrance exams and had little time read though the documents carefully.

How the document came to be before her was no accident, however. The papers were arranged by the student's mother in an attempt to avoid government regulations concerning owners of more than one property. As a first-time buyer, her daughter would be able to apply for the property and receive a favorable loan.

Qiqi's mother, surnamed Wu, who owns another two properties, was advised by a realtor to use her daughter's name. She was able to purchase a loan with her daughter's signature and the house on the same day, according to the Beijing Youth Daily.

Wu's story is not uncommon. Many Beijing and Shanghai residents anticipating tighter controls on property purchases have begun to buy up property before a unified system of real estate registration comes into force at the end of June 2014.

Despite the upcoming housing restrictions, a general manager of a real estate firm said that the luxury housing market will not be affected by the measures as many individuals chose to buy houses against inflation.