Developer Vanke unites home buyers in anger

Nanjing
Wikipedia Hundreds of angry home buyers have been ransacking the offices of the famous real estate developer Vanke in Hangzhou, reports Danwei, quoting Chinese media. Similar incidents have been reported from Shanghai and Nanjing, where home buyers saw the prices of their pre-paid houses melt away, after Vanke slashed prices. The quoted China Business Review:

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.

Some apartments dropped in some cases from 180,000 Rmb (corrected: 18,000) per square meter to 14,000. Mostly the real estate business, like almost any business in China, is local business where figures on a national level are just useless data for media and policy makers. In many ways, China is more divided than for example Europe. Now, in this case it looks that Vanke has been able to get home buyers all over China on the same page.