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Homeowners Demand Refunds After Developer Cuts Prices

By Qu Hui and Tang Ziyi / Oct 17, 2019 04:51 PM / Business & Tech

Photo: VCG

Photo: VCG

Angry owners of some homes built by one of China’s largest developers in the southern Chinese city of Zhaoqing vented their fury at the company earlier this month after it slashed house prices for new buyers in order to perk up sales.

Homeowners who had already paid the original price crowded a local Evergrande sales office at a development in Zhaoqing’s Dinghu district to demand refunds. Some told Caixin they were riled by the property giant’s decision to knock hundreds of thousands of yuan off the asking prices of certain apartments.

One homeowner, who asked not to be named, said he shelled out 1.2 million yuan ($170,000) for a 129 square meter unit on the project last year only to see the price fall to around 900,000 yuan earlier this year.

The move comes as housing demand cools in many of China’s smaller cities.

Read the full story on Caixin Global later today.

Contact reporter Tang Ziyi (ziyitang@caixin.com)

Related: How Cash-Hungry Property Developers Are Skirting Curbs on Trust Loans
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