Watch: Chinese Homeowners Damaged A Sales Office As Developer Cut Prices24 October, 2011, 23:58. Posted by Zarathustra
Tags: Real Estate, Socialism
Last week, I pointed out that some blokes who bought some properties in Shanghai were so angry about the price cutting of the developers, so they went on protesting against developers. Now, we can watch the aftermath of one of the protestss
The development in question is by China Overseas Land (COLI, 688.HK). According to the report, the properties owners have not even taken the delivery of the properties (as they were pre-sold), but the latest “group-buying” offered a 30% discount to latest buyers. The properties owners were angry because they haven’t even got the properties, and they must be thinking that the price they paid included put option with the exercise price equals to the price they paid to have the properties, and the put option is a cash-settled. As a result, they went to the sales office last Saturday to demand a refund for the amount they lost, and they damaged the sales office in the process.
If you understand Chinese, here’s the video of it via Sina:
Okay, the put option bit was made up. Rather, when the market is up, they embrace capitalism, while when the market is down, they embrace socialism.