Panel cautions house buyers
26/5/2005 8:14
Shanghai Daily news Apartment buyers should beware of
traps laid by real estate agencies which promote sales using illegal practices,
the Shanghai Commission of Consumers' Rights and Interests Protection warned
yesterday.
The warning was in response to rising consumer complaints
regarding apartment sales as agencies bid to make profit amid shrinking business
caused by recent government measures to rein in soaring apartment prices,
boosted by speculative investors.
"A number of agencies are collaborating
with speculative investors to boost sales of their apartments at the cost of the
consumer," the commission said.
The commission's 12315 hot line has heard 156
complaints related to apartment sales in the second quarter so far. The figure
for the whole first quarter was just 172.
Gripes focus on agencies hiding
vital information about the apartment from potential buyers, such as its true
size and ownership, and whether it has been mortgaged, disabling the buyers from
getting bank loans.
Another point was that agencies charged commission from
buyers even when the property is not sold to them.
In one case, a man
surnamed Fan in Putuo District bought a second-hand apartment through a real
estate agency.
After paying the agency 5,000 yuan (US$602), Fan was told the
property has been sold to another person. When he asked the agency for his
money, it said it was his fault that the deal went flat, and refused a
refund.
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