On February 19 there was a chaotic situation outside of a real estate agency’s offices when many people who had recently bought property through the agency came to protest what they saw as property fraud.

The agency advertised the apartments at 19,300 RMB per square meter claiming that at this price it was a 6,000 RMB discount per square meter. However, once people had bought the apartments in the brand new development, it became clear that the actual value of the properties was far lower, 500,000 RMB lower.

Later that same day, all the new owners descended on the agency and began breaking up the inside of the building. Many of them argue that it is very difficult to save up enough money to buy property in China, so when they finally have enough to do so they don’t want to get cheated in this manner.

Police were on hand to diffuse the situation and are currently investigating the agency.

Source: house.gmw.cn

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Keywords: property fraud scandal new home owners in Hangzhou