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Flat buyer wants breach penalty back
By Angela Xu |
June 11, 2009, Thursday
|
Print Edition
Print Edition
A MAN who canceled his contract to buy an apartment has asked the developer to return the 100,000 yuan (US$14,640) of a penalty for breach of contract, a district court heard yesterday.
The developer refunded 2.11 million of the 2.22 million yuan Fu Mingjian paid for the off-the plan apartment but kept 5 percent of the price for breach of contract.
Fu argued the penalty was too high and the refund had not caused economic loss to the developer as the property price had not dropped.
The Putuo District People's Court didn't announce a verdict after yesterday's hearing.
In October 2007 Fu paid Shanghai Haochuan Real Estate Co Ltd 2.22 million yuan for an apartment due to be completed late this year.
But a year later he lost his job and asked for a refund for the apartment.
In November 2008 the developer returned 2.11 million yuan after deducting 109,327 yuan for breach of contract, the court heard.
Fu agreed to pay more than 9,000 yuan as a penalty but asked for 100,000 yuan back.
The developer refunded 2.11 million of the 2.22 million yuan Fu Mingjian paid for the off-the plan apartment but kept 5 percent of the price for breach of contract.
Fu argued the penalty was too high and the refund had not caused economic loss to the developer as the property price had not dropped.
The Putuo District People's Court didn't announce a verdict after yesterday's hearing.
In October 2007 Fu paid Shanghai Haochuan Real Estate Co Ltd 2.22 million yuan for an apartment due to be completed late this year.
But a year later he lost his job and asked for a refund for the apartment.
In November 2008 the developer returned 2.11 million yuan after deducting 109,327 yuan for breach of contract, the court heard.
Fu agreed to pay more than 9,000 yuan as a penalty but asked for 100,000 yuan back.
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