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Homeowners protest over slashed prices

(Global Times)

09:27, October 27, 2011

A group of some 30 angry homeowners from a residential complex in Pudong New Area stormed a property sales office in the district Wednesday, demanding that the developer stop selling apartments at lower prices - the second such incident in Shanghai this week, which has triggered predictions that suburban housing prices may continue to fall.

The protests at the showroom for the Royal Riparian, a multi-building complex in the district's remote Kangqiao area, developed by Hong Kong-based China Overseas Land and Investment Company, was sparked by midnight property sale transactions started Tuesday, and continued into the wee hours of Wednesday.

The crowd of homeowners in the area complained Wednesday. One man, who bought one of the developer's apartments during an earlier phase of the property sales in August, said he paid 20,000 yuan ($3,146) per square meter for his 89-square-meter apartment.

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