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10/28/2011

Shanghai property prices falling 27 Oct 11

SHANGHAI: Hundreds of angry home buyers launched a series of protests in China's commercial hub of Shanghai this week, as owners decried falling prices for their properties, state media said on Thursday.

Hit by weak demand and lack of funding, developers have slashed prices for some new projects in the city by more than 20 percent, the China Business News said, causing an outcry among those who bought at higher levels.

In the latest incident, some 200 home owners on Wednesday besieged the sales office for a project of leading developer Greenland Group, demanding refunds, the Shanghai Daily said.

"We require a refund because the loss we are suffering now is too great for us to afford," the paper quoted a protestor as saying.

He paid 17,000 yuan ($2,678) per square metre last year and claimed the developer had cut the price by around 30 percent to boost sales.

In a another incident, 30 home owners stormed the sales office of a project of Hong Kong-listed China Overseas Land & Investment Ltd on Wednesday, the Global Times said, repeating a similar protest from over the weekend.

In at least one case, protests have turned violent. Home owners smashed a glass door over the weekend at a sales office of Hong Kong-listed Longfor Properties Co Ltd for another project in a Shanghai suburb….

The above should be a warning to those who mindlessly went ahead to buy properties at ridiculous prices. When it comes tumbling down, don’t kpkb.

5 comments:

Anonymous said...

Nothing to worry for Singaporeans and FOREIGN OWNERS OF SIN PROPERTIES. Yours will ONLY GO UP, UP and UP.

Anonymous said...

Yes, yes, yes. No fear. Just buy and wait for it to go higher.

Anonymous said...

Singapore property in general is still under-priced especially the controlled landed property. It will be wise to buy landed property or apartment in prime location. The population increase and really limited land will keep the property price level at this or higher. Those who wish the prices to drop will be greatly disappointed. In fact, Singapore open space vs built up space ratio is low as compared to many great cities. HDB flats should be built higher, say 50-storey block and smaller units like in Hong Kong. All carpark space should be trimmed and be underground. More open green space should be allowed for climate change mitigation. As such, how do you expect the property prices to drop?

Anonymous said...

Soon, we will have a city built on and in the sea. It should be a relatively simple job. Say me am still bitter over been affected by resettlement. It is because me felt they could have built many 'Newater' plants along the shoreline or even in the sea. But then, there were many HDB Flats that most villagers did not fancy moving into.

patriot

Anonymous said...

WTF. Want to buy high then cry father mother when price drop. Must as well buy 4D then go Sgpool to KPKB when tiok...jiak