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As home prices go down, disputes surge

(People's Daily Online)

08:35, October 28, 2011

Shanghai municipal government has urged home buyers and property developers to resolve their disputes on home prices through talks or judicial process.

Now, as the city’s home prices have shown clear signs of weakness, thanks to Beijing’s stringent measures to prevent property bubbles from harming the broader economy, home owners on mortgage are complaining about “being forced into underwater”, staging protests which sometimes escalates to violence.

At some real estate projects, home buyers got together, speaking on horns or putting up banners demanding developers give them subsidies for their home losses, or agree to take back sold homes and recoup all their funds.

According to The Shanghai Daily, hundreds of angry homeowners flocked to sales offices at three residential projects -- one in Pudong New Area and two in Jiading District - over the past weekend, seeking refunds or contract cancellations, after learning that developers had slashed prices by 20 to 30 percent as they combat ever-tightening capital flow.

A woman surnamed Kong who bought a house before the discount was given was among those irritated.

"My house is to be delivered in March and I haven't even gotten the key yet. But its price has dropped by that much," Kong told the Xinhua news agency.

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Leave your comment1 comments

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JACK at 2011-10-31122.107.172.*
When the price of the apartments goes up after the buyers have signed the sale agreement, there were no complains. But now that the housing price is dropping, these buyers wants to cancel their contracts. This is speculation....speculators can't have it both ways. The housing prices have been driven up by these speculators so they totally deserve to lose .......all these greedy speculators

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