Shanghai developer faces homeowner wrath over price cuts

A group of around 400 homeowners in Shanghai stormed the offices of local developer China Overseas Holdings this week to demonstrate their anger about falling property prices.

They damaged the developer’s showroom after the company said that it had decided to cut prices. The homebuyers said that they wanted to get either a refund or to cancel their contracts according to local press reports.

China Overseas Holdings is reported to have dropped prices by about 25% per square meter.

Local media reports said that an unspecified number of people were injured and photos of the event showed broken glass in the sales office, homeowners marching with banners and a police officers standing by.

Source: OPP.org.uk