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China's Guangdong housing regulator warns consumers for property purchases

China's Guangdong housing regulator warns consumers for property purchases

FILE PHOTO: Workers are seen on scaffoldings of a construction site near residential buildings in Shenzhen, following the novel coronavirus disease (COVID-19) outbreak, Guangdong province, China May 17, 2020. Picture taken May 17, 2020. REUTERS/Martin Pollard

BEIJING : The local housing regulator in China's southern Guangdong province warned consumers over property purchases on Wednesday as China Evergrande Group missed its third round of bond payments in as many weeks and others warned of defaults.

Consumers face risks when property developers ask home buyers to put funds in the non-government escrow account.

The risks faced by consumers also include developers selling homes at prices higher than government-registered prices or at a visibly lower price than average market prices through one-off payments, group purchases or allowing deposits to be used as funds to buy the property.

(Reporting by Stella Qiu, Leng Cheng and Ryan Woo; Editing by Louise Heavens)

Source: Reuters

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