The real estate developers in China failing to hand over homes on time has put homebuyers in a deadlock.
Recently, 300 homebuyers have moved their family into the unfinished residential area of Yihefang, Xi’an, Shaanxi Province. Chinese language media Xin Tang Ren interviewed some residents of this building.
A homebuyer in Yihefang told Xin Tang Ren that this housing project was suspended at the end of 2014 as its developer got a problem with the capital chain.
Fearing that the property developer’s bankruptcy would change ownership, more than 300 homebuyers were forced to move into unfinished buildings without water, electricity, and elevators this March.
On one hand, they did this to declare their ownership. On the other hand, due to the Covid measures, these poor owners could no longer pay the mortgage fee to the bank.
Mr. Wang, a homebuyer in Yihefang, said, “There are still a lot of people living there. Many of them are forced to move there. There is no elevator, no electricity, no water, no natural gas, and no heating.”
According to Chinese language media Xin Tang Ren, Xi’an was once known as the capital of unfinished building, and Yihefang is just the tip of the iceberg in the city’s many unfinished constructions.