Duped homeowners rally over loan scandal
( 2003-11-25 17:18) (China Dialy)
A scuffle broke out between homeowners and security guards at GD Garden, a
new apartment complex in Guangzhou, on Sunday during a protest against a
fraudulent real estate developer, reports Information Times.
A couple were injured in the clash, and more than 30 policemen were
dispatched to stop the fight.
As many as 100 families received court notices that the apartments they
purchased had been put up as collateral by the real estate development company
to obtain bank loans.
With Yang, the company director who holds a 55-per cent share in the complex,
rumoured to be missing, the homeowners mounted their protest on Sunday morning
to demand an explanation.
More than 100 million yuan (US$12 million) worth of flats were sold even
though they were already mortgaged to banks, according to a homeowner.
The 80,000-square-metre GD Garden, designed to accommodate 5,000 families, is
one of the cities more popular new residential complexes.
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