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

© Reuters. FILE PHOTO: Staff are seen on scaffoldings of a building web site close to residential buildings in Shenzhen, following the novel coronavirus illness (COVID-19) outbreak, Guangdong province, China Could 17, 2020. Image taken Could 17, 2020. REUTERS/Martin Pol

BEIJING (Reuters) – The native housing regulator in China’s southern Guangdong province warned shoppers over property purchases on Wednesday as China Evergrande Group missed its third spherical of bond funds in as many weeks and others warned of defaults.

Customers face dangers when property builders ask dwelling patrons to place funds within the non-government escrow account.

The dangers confronted by shoppers additionally embrace builders promoting properties at costs increased than government-registered costs or at a visibly cheaper price than common market costs by means of one-off funds, group purchases or permitting deposits for use as funds to purchase the property.

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