Nearly 2,000 people have bought apartments in the “Big City Small Courtyard” residential area in Shanghai, and they have been paying for their houses for more than four years, but delivery is still a long way off.
A resident of Chinese origin residing in Arcadia, Los Angeles County, Southern California, U.S., bought a house in Shanghai a few years ago.
This resident had not imagined that until now, he could not acquire the house. The whole building has become an abandoned concrete, iron, and steel block construction. The devastated man said he had paid about $450,000 in cash, but the housing delivery time is still unclear.
In another client’s case, Ms. Olivia said, this newly developed real estate located on Changxing Island, Chongming District, was so famous earlier that it was called “Big City Small Courtyard.” The project owner, Tahoe Group, is a well-known large-scale listed company in the commercial real estate sector, and the group has development projects in major cities in China. Ms. Olivia recalled: “When the property was sold in advance, the scene was very lively. Hundreds of people saw model homes every day, and everyone rushed to buy houses.”
Ms. Olivia also comforted her parents, saying: “The epidemic is serious, the building construction stoppage is obvious. Don’t worry, there is no problem with such a large building.” Olivia is full of confidence about her Shanghai hometown, “I used to think that, even if there were unfinished buildings all over the country, that would never happen in Shanghai. Anyway, Shanghai is one of the top cities in China,” she said.
But then, Tahoe Group developer’s property closures spread to properties across the country, including Tahoe Hangzhou Yard, Tahoe Suzhou Jinzun Mansion, Tahoe Taiyuan Jinzun Mansion, etc., all of which were delayed in delivery or ceased for a lengthy period. This made Olivia worry, “I’m in Los Angeles, I can’t go home because of the epidemic, so I can only ask my family in Shanghai for help.”
At the same time, Ms. Olivia also joined the WeChat group protecting the interests of these property owners; there are more than 1,800 owners in the same situation as her.
For nearly 2,000 homeowners, the housing money was paid four and a half years ago, and the delivery is still very far away, with no indication of when it might happen. Ms. Olivia said, “people in the homeowner group often come to the area to see homes but have not seen any continuing construction works, and no one has told us how it will develop in the future.”
Recently, the problem of unfinished buildings in China continues to widen, and various provinces have suspended loan payments.
In addition, recently, some netizens shared that the sold properties in the Shanghai Taihe area have not been delivered after being unfinished. Still, buyers have received a tax property notice.