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    Half Tones

    Dodgy Realtors See Opportunity in Shenzhen Building Collapse

    Aug 30, 2019

    In the two days since a residential building collapsed in Shenzhen, real estate agents in the southern city have been marking up prices for properties in the surrounding area, in hopes that the accident will lead to wider demolition and more desirable replacement housing, The Beijing News reported Thursday.

    Li Yujia of Guangdong province’s housing policy research center told the paper that agents are “seizing the opportunity to drive up property prices.” According to housing guidelines for Shenzhen’s Luohu District, where the collapse occurred, residents who live in buildings with safety hazards — including those at risk of geological disasters — for more than 20 years may apply to have their housing communities renovated, which typically entails relocation deals or compensation agreements.

    Following the collapse of Heping New Residence on Wednesday, reportedly from subsidence beneath the foundation, agents began posting misleading advertisements featuring photos of the collapsed building — implying that they were selling already-destroyed apartments that would be subject to remuneration from the government.

    On Thursday, a local emergency response committee designated 67 buildings in the area around the collapse as “at risk” of further damage. The same day, Shenzhen’s real estate association posted a notice reminding the public that trading in destroyed properties is prohibited by law and warning agents posting misleading housing ads that they may be subject to punishment. (Image: VCG)