China News reported on July 19 that Zhengzhou Bank and the local housing authority have recently accused each other of inadequate supervision of funds, causing a real estate project to be suspended.
In a video, the owner raises questions about the delay in the construction project of Kangqiao Jiuxi Garden. The spokesperson of Zhengzhou bank, which manages the project’s finances, claimed that the bank allocated the funds only with the approval of relevant departments from the Zhengzhou Housing Management Bureau.
However, based on the supervision pre-sale fund rules, the Zhengzhou Housing Security and Real Estate Administration staff rejected the bank’s statement.
The operator behind Kangqiao Jiuxi Garden, Kangqiao Group, is not the first time its projects have been exposed to the misappropriation of regulatory funds.
As early as April 2021, Kangqiao Yuerongyuan in Xi’an, Shaanxi Province, was shut down due to the misappropriation of regulatory funds.