Police Called Out After Furious Chinese Ransack Office To Protest FALLING Home Prices

Well, this might tell you everything you need to know.

Remember when you might have expected to encounter a demonstration in protest of surging home prices?

Well, now it’s the opposite.

According to Caixin:

Over the weekend, about 300 homeowners living in Shanghai’s Pudong district gathered at the China Overseas Property Group Co. office to demand that the company refund or cancel their purchase contracts, following news that the developer had reduced prices for the development from 22,000 yuan to 16,000 yuan per square meter.

And the pictures are pretty remarkable:

image

Photo: Caixin/China Overseas Property Group Co.

image

Photo: Caixin/China Overseas Property Group Co.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.

Tagged In

china moneygame-us