HONG KONG (MarketWatch) — The sharp drop in China’s housing prices has led to an outburst of anger among property owners, leading to violent clashes in some cases, according to local media reports Tuesday.
In one case, scores of property owners surrounded a Shanghai sales office of Greentown China Holdings Ltd. 3900, +8.58% GTWCF, -33.19% to protest the developer’s 25% cut to prices within a five-day period, according to a report on the NetEase NTES, +0.65% news portal site 163.com.
Protesters held banners with slogans such as “You cheated us!” and “300,000 yuan [$48,750] worth of assets evaporate within five days — years of work in vain!” according to photographs of the demonstration posted on the site.
The report quoted a sales manager from Greentown as saying that the price-cut was aimed to boost sales and “cope with competition” from rival China Vanke Co. 2202, +1.48% the nation’s largest residential property developer.
In other Chinese cities, such confrontations between buyers and developers have turned violent.
In the eastern city of Jinan, banner-carrying owners blocked a street to protest another 25% price cut for a local housing development, this one conducted over the space of two weeks, according to the local-government-run Life Daily newspaper.
The protesters clashed with a group of counter-protestors suspected to have been hired by local developers, injuring some of the demonstrators and forcing the police to break up the fight, 163.com said in a separate report.
Risk and Reward go hand in hand. If they wanted something safer it's T-bonds or gold.
I should protest in Woolies. They were selling cooked chooks yesterday for $8.00 but when I bought one on Monday, it cost $12.99. My cooked chook devalued by $4.99 overnight.
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be rising.
Risk and Reward go hand in hand. If they wanted something safer it's T-bonds or gold.
Chinese have learned that this kind of protest sometimes gets results, so they do it. I was once in an aircraft that aborted landing in Beijing and headed back to Shanghai because the pilot didn't trust Beijing airport in very low visibility (I don't blame him). There was a mini riot on board. Very scary! (And it didn't work.)
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
Chinese have learned that this kind of protest sometimes gets results, so they do it. I was once in an aircraft that aborted landing in Beijing and headed back to Shanghai because the pilot didn't trust Beijing airport in very low visibility (I don't blame him). There was a mini riot on board. Very scary! (And it didn't work.)
shit like that drives me nuts.... just dont understand whats going through their heads - like the old ladies who jump out of their seat as plane is just about to hit the tarmac with stewardesses screaming at them to strap in ..
did you see the mass panic caused on shanghai metro train when a foreigner passed out in one of the carriages a couple of weeks ago? mass evacuation ( of the whole train) while the poor chap left to regain consciousness on his own...
shit like that drives me nuts.... just dont understand whats going through their heads - like the old ladies who jump out of their seat as plane is just about to hit the tarmac with stewardesses screaming at them to strap in ..
did you see the mass panic caused on shanghai metro train when a foreigner passed out in one of the carriages a couple of weeks ago? mass evacuation ( of the whole train) while the poor chap left to regain consciousness on his own...
LoL. That was funny.
Even after 16 years Chinese reactions to situations catch me by surprise.
Sometimes, you see them dealing with stuff that just isn't acceptable with a stoic attitude that is almost saintly.
But let them think (rightly or wrongly) that someone is trying to put something over them and feed them a line of bullshit and all hell breaks loose. And it doesn't matter one iota who it is they are up against or how friggin' dangerous it is.
When we had the riot in they plane they were half right and half wrong. To my mind the pilot made exactly the right call to abort. But he lied to the passengers, saying the airport had closed. Of course some of the passengers turned on their mobile phones and called the airport or people at the airport and found out that it was a lie. Some brave pilots were still landing. I don't like flying with brave pilots.....
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
People talk about Chinese trade and Chinese investment as though they were dealing with Americans or the French. Then we see little glimpses of what the Chinese are really like in stories such as these.
One day soon frustrations will boil over and the cry will go up in a Chinese city " kill the foreign devils" Then the Australian media will be left with the awkward task of putting a positive spin on how a 1000 Aussie businessmen and tourists were hacked to pieces in a spontaneous riot.
Shadow was hopelessly wrong about the Gold Bull Market. What else is he wrong about?
shit like that drives me nuts.... just dont understand whats going through their heads - like the old ladies who jump out of their seat as plane is just about to hit the tarmac with stewardesses screaming at them to strap in ..
did you see the mass panic caused on shanghai metro train when a foreigner passed out in one of the carriages a couple of weeks ago? mass evacuation ( of the whole train) while the poor chap left to regain consciousness on his own...
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