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Enraged home buyers protest for refundsPosted by Eric Mu, September 9, 2008 3:46 PM
 Chinese Business View September 9, 2008 Hundreds of enraged home buyers in Hangzhou, the capital city of coastal Zhejiang Province, stormed a developer's office and demanded to have their money refunded after the developer slashed prices, reports today's Chinese Business View. There were earlier reports on similar incidents in other major cities, including Shanghai and Nanjing. The developer involved in this particular situation, Vanke, is the biggest player in China's real estate market. Reportedly, the price per square meter in some apartment buildings dropped from [18,000] yuan to 14,000 yuan within a period of months after the building was put on the market, infuriating buyers who bought early on. In response, on September 8, Vanke said that "although the company sympathizes with the early buyers for their loss, as a listed company, it is responsible to shareholders and must conduct business in the spirit of the contract." The newspaper also quoted an expert saying that the home buyers should be aware of the responsibilities and risks involved in their purchase instead of targeting the developer, which did nothing illegal. China's real estate market has been a hot topic recently. After the boom years, the market is showing signs of a potential cool-down, for the first time in a decade. Links and Sources
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Comments on Enraged home buyers protest for refunds
An already-notorious group of dumbass turns into enraged mobsters, I suspect someone is stoking the flame behind the scene, using these ignorant cocktards for personal gain (or loss recovery), they need a hard lesson on risk of investment, if they haven't already got one.
SCREW THEM.
There was something similar last year in Shenzhen. People are upset because they're losing money of real estate speculation. If they were buying a home to live in, they wouldn't mind as much. It shows that they don't understand the risk of investment.
Interesting. Over the last five years I've become aware of several situations where large Chinese companies contracted to buy significant quantities of a specific commodity (cotton, copper scrap) from US suppliers at an agreed upon price, only to demand that the supplier cut his price when the market declined AND the commodity itself was already en route to China. In a couple of cases, the lower price demand was made when the commodity was actually delivered to China - leaving the supplier little recourse but to accept the price as offered by the Chinese. Of course, once burnt ...
Anyway, I've had several foreign lawyers in China tell me that - in their experience - a contract is the starting point for a negotiation here, and certainly not the end point.
There's a nice article about real estate speculators in the current Nanfang Zhoumo.
My heart breaks when I read these stories about speculators (which many buyers in places like Hangzhou are) getting burnt. Property prices are meant to go up in China ... everybody knows that.
I think RMB180,000 should be RMB18,000 though?
Micah, is there a link or English translation of the Nanfang Zhoumo article you mentioned?
well, as the developer is called wang ke you think they would have been sensibly forewarned as to their behaviour
They need to be taught a lesson on speculation. Only actual workers and smart investors that actually help fund the businesses earn money. Just like the stock market, there are simply too many tiny speculators that wish to make some quick money and end up inflating the economy and prices of commodities in the end which hurt themselves and other real laborers. CCP need to learn to orchestrate this kind of incidents to cool down inflation.
Nice one, Koos ;^)
The original is 深圳:楼市拐点世相悲喜, I don't know of a translation.
The main thing that grabbed me at the article's outset is that the main character who got caught by falling prices was born in '83. I'm getting old!