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China: Home buyers angry as project’s prices lowered

Posted on 24 October 2011

Angry homeowners of several residential projects in Shanghai flocked to their developers’ sales offices over the weekend, seeking refunds or purchase cancellations after big discounts have been offered by developers to trigger sales.

Hundreds of infuriated homeowners gathered at an office building in Lujiazui of the Pudong New Area on Saturday afternoon, demanding a face-to-face talk with China Overseas Property (Group) Co, which has cut home prices at one of its projects in Pudong that averaged 22,000 yuan (US$3,454) per square meter to around 16,000 yuan per square meter during its latest promotion held in collaboration with a major real estate website for group buyers………………………………………Full Article: Source


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