2014-08-26

Dozens of Police Keep Order As Jinan Homeowners Protest Price Cuts

From iFeng:

Jinan homeowners are protesting Glorious Property (0845.HK). In the past two weeks, Glorious Property (恒生地产)cut prices on its Hope Mountain (望山)property from ¥8000/ sqm to ¥6000/ sqm. Angry property owners who recently bought at the higher price protested and it is believed the developer hired some street toughs, resulting in conflict and some people arrested for battery. (Click through for more photos)

The developer said the ¥6000 price is a bottom price and that most properties are currently selling for ¥7200/ sqm. Prices were cut from an opening price of ¥8200/ sqm due to market conditions. Owners say that the developer was advertising ¥6000/ sqm, but started saying ¥7400/ sqm once owners started complaining.

Home owners also complain that the contract didn't reflect the developer's promises.
"Many of the original commitment is not reflected in the contract." Indignant owner Zhou said. He told reporters, before you buy the house, the common area from Lookout Mountain Hang Seng sales staff commitment is about 18%, aluminum alloy doors and windows, high-ceilinged floor of 3.3 meters. But get the contract, they found the pool area suddenly becomes 23%, steel doors and windows has become, floor ceiling also grow shorter, and became 2.9 meters.

"After we paid the down payment to get a contract, a closer look will find a lot of problems." Zhou said that the owners were even more surprised that apartments on the same floor of the same building with the same configurations actually had different area, "we Then do a statistical owners write your own house number, a comparison is not the same upstairs and downstairs area even if a different unit or a different situation to the original storied building there, but how would the downstairs area is not the same?

限购放松房价还在降 开发商与维权业主发生冲突
Jinan property purchase liberalization policies did not bring the expected benefits to the developers.

Recently there have been media reports Hang Seng Properties Limited (the "Hang Seng Property") is located in Jinan Hang Seng Lookout Mountain real estate, developers cut prices because of dissatisfaction with the owners, developers employ social workers suspected the owners and activists clashed. Owners to reflect, within just two weeks, the real estate price adjustment from about 8000 yuan / square meter to 6,000 yuan / square meter up and down, which makes the previous owners buy expensive unacceptable.

" First Financial Daily "reporters yesterday to the identity of buyers Lookout Mountain Hang Seng call the sales center, said to go live showings, a property consultant Zhaoxing told reporters on the phone, not the sale of the real estate is now in the state, to be then open a few days, but the exact time is unclear. When a reporter asked whether the issue because the price reflects the owners and was forced to temporarily shut down, these people did not give reporters a clear reply.

"At present, the average price of real estate is about 7300 yuan / square meter, outside the so-called price 6000 yuan just starting price of real estate." Above Zhaoxing property consultant explained to reporters, "We do have 6288 yuan / square meter price specials room, but only the top floor of the floor, the building area of ​​110 square meters, but now the special room has been sold out. "

Above Zhaoxing property consultant admitted to reporters, when the project opened earlier this year, opening indeed ~ 8300 yuan 8200 yuan. When a reporter asked why now have price behavior, he replied that this is determined by the market.

Hang Seng Properties official website information, Hang Seng Properties was founded in 2001, is an offshore (Hong Kong) red chip structure based company, specializing in real estate development, real estate (investment) management, property services three major business segments, in the sale of items, including the Hang Seng Future City [ latest news Price Unit Reviews ] Hang Seng happiness, the Hang Seng Lookout Mountain Hang Seng spar center eight projects, the company's stage to achieve the strategic objectives for 2015 listed.

Reporters at the time of inspection Hang Seng Properties official website found at the company's News column, "Hang Seng Property successfully bid Jinan Kuang Shan block" eye-catching title at home, this land is now the Hang Seng Lookout Mountain real estate is located.

In the press release, wrote, February 28, 2013 in the afternoon numbered 2013-G012,2013-G013 two plots in Jinan trading center of public resources were tied bid, the two plots are located in Jinan City Huaiyin area south of North Park Avenue, Xing Ji River on the west side, G012 for commercial business sites, G013 for residential land, those who participate in the auction for the property, including a number of companies, including the Hang Seng. These two plots to 180 million yuan were bidding auction starting price, the rate of increase of 10 million yuan each round. After the bid from the start, in less than three minutes of time were 14 bids, and ultimately the two plots are Hang Seng Properties to 310 million yuan to win.

Meanwhile, Hang Seng Mount Hope is the first real estate investment project development in the west of Jinan. The total area of 27,000 square meters, total construction area of 142,000 square meters. Project has three homes, two apartments , of which an area of 84 square meters of residential units to 110 square meters, the only public sale of its three residential submitted to date is expected in early 2016.

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