Property News · March 20, 2019

China’s first-home buyers, desperate to get on the property ladder, are hoodwinked into signing away their recourse rights


It was ninth time lucky for Frank Chen when he finally secured his dream home, an 89-square-metre (958 square feet) flat under construction in northern Hangzhou.After eight failed attempts, the 33-year-old defied the odds in January and was drawn from the hat in a public property lottery – a common method of allocating units in oversubscribed housing projects in China.He was about to hand over the deposit on his 2,492,000 yuan (US$371,000) home when, to his surprise, the developer asked him to…

Source : South China Morning Post
Read more…China’s first-home buyers, desperate to get on the property ladder, are hoodwinked into signing away their recourse rights

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