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Vanke is turning down requets for compensation, from customers who bought houses, built by the property giant, before a big drop in prices early this month.
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In early September, Vanke launched a promotion campaign, slashing prices of four of its projects in Hangzhou, by more than 2,000 yuan per square meter. That brought in sales of more than 280 units in three days, over half the number of what the company has on sale.
But those who made their purchase before the price-slash are unhappy with what, for them, is a fall in value of what they bought. And they're asking Vanke to stump up compensation in some form. And failing that, some are even asking to return what they bought.
Vanke home buyer, said, "This is my whole life's earnings."
Vanke home buyer, said, "I couldn't buy a house like that everyday."
Others who did not buy the units say they can understand the frustration of those who did. But they say they think buyers should also accept that prices in real estate often fluctuate.
Citizen said, "This is like buying shares in the stock market, prices go up and down."
Meanwhile, Vanke is turning down all requests, saying compensation is not an item in the contract. But it has also said it does understand why customers are disappointed.
(CCTV September 10, 2008)
