Angry Mobs Show All's Not Well in China's Property Sector
- A Country Garden project in Shangrao is offering 30% discounts
- Golden Week new-home sales were the worst since at least 2014
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Home buyers angry that apartments are being sold for much less than they paid swamped property developers’ marketing offices across China over the Golden Week holiday, demanding their money back.
A sales center for Xinzhou Mansion, a project of Country Garden Holdings Co. located in Shangrao, a city in Jiangxi province, was mobbed last Thursday, videos and pictures circulated on social media show, its windows smashed by scores of protesters throwing rocks. They’re furious that Country Garden is selling units for prices around 30 percent lower than a year ago.