Fake residences draw big buyers
By Wang Qingchu |
October 12, 2010, Tuesday
|
Print Edition
Print Edition
A FAKE housing project in southwest China attracted more than 2,000 buyers and allegedly swindled nearly 300 million yuan (US$45 million) in half a year, police in Kunming said.
Fooled by the relatively low price, supremely lavish promotion and aggressive sales pitch from real estate brokers, over 2,000 people and 40 companies signed contracts with the developer in Kunming, capital of Yunnan Province, in the first half of this year, People's Daily reported on its website yesterday.
Yang Qingrong, chairman of Yunnan Junxin Investment Co, and his accomplices rented a five-star hotel lobby as the exhibition hall, exaggerated the company's registered capital, downloaded floor plans from the Internet and even made 3D promotion films, police said.
"We want to get our money back. This is our blood and sweat money," said a victim surnamed Cao, who made a down payment of 200,000 yuan, thinking he was buying a 130-square-meter apartment at 4,900 yuan per square meter. He didn't expect his dream house to be a mirage.
Kunming police arrested Yang and 15 other suspects and froze 180 million yuan of assets.
According to the promotional brochure, the project is located in Yongsheng Village in Liujia Community in Kunming. Junxin Investment contacted the community office about developing a real estate project at the beginning of this year.
But no agreement was reached because the community is under a special environmental protection plan; 10 creeks flow in the area into Dianchi Lake, one of Yunnan's most famous scenic spots, said an official of the community office.
The community office made a statement in the local media in March that the area is not earmarked for any property development. But the warning didn't dampen the fervor to buy.
One buyer suspected the project because the promoters couldn't show him the preselling license. But their explanation was they were still applying, it would be approved soon, and that's why they'd offered a special discount.
Yang colluded with realty brokerages to help spur the sales, authorities said. Brokers could take kickbacks for every apartment they sold.
Fooled by the relatively low price, supremely lavish promotion and aggressive sales pitch from real estate brokers, over 2,000 people and 40 companies signed contracts with the developer in Kunming, capital of Yunnan Province, in the first half of this year, People's Daily reported on its website yesterday.
Yang Qingrong, chairman of Yunnan Junxin Investment Co, and his accomplices rented a five-star hotel lobby as the exhibition hall, exaggerated the company's registered capital, downloaded floor plans from the Internet and even made 3D promotion films, police said.
"We want to get our money back. This is our blood and sweat money," said a victim surnamed Cao, who made a down payment of 200,000 yuan, thinking he was buying a 130-square-meter apartment at 4,900 yuan per square meter. He didn't expect his dream house to be a mirage.
Kunming police arrested Yang and 15 other suspects and froze 180 million yuan of assets.
According to the promotional brochure, the project is located in Yongsheng Village in Liujia Community in Kunming. Junxin Investment contacted the community office about developing a real estate project at the beginning of this year.
But no agreement was reached because the community is under a special environmental protection plan; 10 creeks flow in the area into Dianchi Lake, one of Yunnan's most famous scenic spots, said an official of the community office.
The community office made a statement in the local media in March that the area is not earmarked for any property development. But the warning didn't dampen the fervor to buy.
One buyer suspected the project because the promoters couldn't show him the preselling license. But their explanation was they were still applying, it would be approved soon, and that's why they'd offered a special discount.
Yang colluded with realty brokerages to help spur the sales, authorities said. Brokers could take kickbacks for every apartment they sold.
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