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Property disputes on the rise in former Nanhui District
By Wang Xiang |
August 12, 2009, Wednesday
|
Online Edition
Online Edition
PROPERTY disputes in the former Nanhui District doubled in the past two months as the property market surged following its merging into Pudong New area.
The former Nanhui District People's Court heard 36 property disputes in the last two months.
Most of them involved sellers withdrawing from signed contracts in the hope of a larger profit as house prices rocketed more than 40 percent in less than three months, reported the Oriental Morning Post.
A buyer surnamed Yang sued her house seller surnamed Zhang, accusing him of deliberately dragging out the contract finalization by delaying a bank settlement document. Yang sued to demand Zhang to complete the deal as soon as possible.
The case was still before the court, which said sellers were willing to refund double-down deposit payments because house price increases were much higher.
Huge financial disputes rendered this kind of case almost impossible to reconcile, according to the court.
Ma Ji, manager with Centaline Property Agency, told the newspaper that average house prices have reached 14,000 yuan (US$2048.30) per square meter compared with an average of 9,000 to 10,000 yuan in May.
And property dealers were expecting further increases in the former Nanhui area.
"More foreign companies will come to invest in the bigger Pudong New Area, which would certainly boost property prices as these companies' executives and workers would need accommodation," said Wang Sheng, a house sales manager.
The former Nanhui District People's Court heard 36 property disputes in the last two months.
Most of them involved sellers withdrawing from signed contracts in the hope of a larger profit as house prices rocketed more than 40 percent in less than three months, reported the Oriental Morning Post.
A buyer surnamed Yang sued her house seller surnamed Zhang, accusing him of deliberately dragging out the contract finalization by delaying a bank settlement document. Yang sued to demand Zhang to complete the deal as soon as possible.
The case was still before the court, which said sellers were willing to refund double-down deposit payments because house price increases were much higher.
Huge financial disputes rendered this kind of case almost impossible to reconcile, according to the court.
Ma Ji, manager with Centaline Property Agency, told the newspaper that average house prices have reached 14,000 yuan (US$2048.30) per square meter compared with an average of 9,000 to 10,000 yuan in May.
And property dealers were expecting further increases in the former Nanhui area.
"More foreign companies will come to invest in the bigger Pudong New Area, which would certainly boost property prices as these companies' executives and workers would need accommodation," said Wang Sheng, a house sales manager.
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