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China’s Guangdong housing regulator warns consumers for property purchases By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – Workers can be seen climbing on the scaffoldings at a Shenzhen construction site, near Shenzhen residential buildings, after the new coronavirus (COVID-19), outbreak in Guangdong province of China, May 17, 2020. Picture taken May 17, 2020. REUTERS/Martin Pol

BEIJING (Reuters] – On Wednesday, China Evergrande Group lost its third round in bond payments. Others warned about defaults.

Property developers may ask homeowners to deposit funds into an escrow account that is not government-run. This poses a risk for consumers.

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.

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