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Land developer escapes; Homeowners clash with security
AFAR
12/14/2003



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GUANGDI - Hundreds of homeowners gathered in Guangdi Garden Culture Square on November 23 to protest the recent evasion of Yang Xunchong, Chairman of the board and legal representative for Guangdi Real Estate Company. This resulted in a bloody fight with dozens of security officers.

Jinyang Net News Express reported on Nov. 24 that many Guangdi Garden homeowners displayed banners and slogans which read, “Return my property,” “Return my hard-earned money,” and “Homeowners united against fraud” to protest and to protect their legitimate property rights. At noon, hundreds of homeowners attempted to settle the dispute with the sales department, but this instead led to a fight against dozens of security officers employed by the Estate Management Company, leaving two people wounded. A large police force rushed to the scene, and homeowners finally left in the afternoon.

According to sources, the second largest shareholder in the Guangdi Real Estate Company, Mr.Wu, was unaware of the fact that Yang Xunchong had transferred 55% of the shares to another company. Guangdi Real Estate Company is still operating normally; however, the offices of both owners, Yang and Wu, are empty, and an employee said that he has not been paid for 6 months.

According to homeowners' statistics, the Guangdi Real Estate Company has a total of 184 houses on home mortgages with an estimated value of 65 million Yuan. Currently, 112 houses have received court eviction notices. The names and door numbers of the 112 homeowners were posted on Sohu Net’s “Real Estate Forum.” The court searched the evicted houses and found that the homeowners’ names do not match the names on the loan documents, giving rise to suspicion of property fraud estimated between 100 to 200 million Yuan.

Guangdi Garden has a reputation for being Guangzhou’s most exclusive neighbourhood, and there are plans to accommodate 5,000 households with 20,000 residents in total.


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