500,000 flat buyers can't prove ownership
( 2003-12-03 17:19) (China Daily)
Some 500,000 people in Guangzhou have not been able to secure the ownership
documents of the houses or flats they purchased, according to a government work
conference on Monday.
Most are the victims of fraudulent real estate developers who sell housing in
violation of government regulations, reports Guangzhou Daily.
The lack of transparency and difficulty ordinary citizens encounter in making
enquiries with the housing authority has exacerbated the problem.
"People spend thousands of yuan and, in essence, only get a set of keys (to
the apartments they buy). which could eventually cause social instability," said
Shao Yunping, deputy director of the Standing Committee of the Municipal
People's Congress.
Real estate fraud has spurred a string of confrontations, including a protest
involving more than 100 people as angry home buyers gathered at the GD Garden
housing estate on November 23.
|
