Potential house buyers look at a building model in Hangzhou, capital of East China's Zhejiang Province. (Photo: CFP)
East China's Hangzhou city has formed a special "stability maintaining" team to ease discontented home buyers who purchased apartments at higher prices but are now demanding a refund after recent housing price drops.
The Shushan subdistrict office at Xiaoshan district, Hangzhou, Zhejiang Province on November 12 formed a special workgroup to help resolve the real estate-related conflicts, Shanghai-based news portal thepaper.cn reported on Wednesday.
The workgroup was established to strengthen supervision over real estate companies, respond to the reasonable needs of home buyers, resolve conflicts, and maintain the stability of the industry and society, thepaper.cn reported, citing a screen grab of the document published on the Xiaoshan government's website.
The document has been removed from the website as of press time.
"The establishment of the workgroup is just part of our routine work to serve and keep the subdistrict safe. It has nothing to do with the real estate market," an employee at the municipal management office of Shushan subdistrict office, who refused to reveal her name, told the Global Times on Thursday.
The real estate price in Xiaoshan dropped from 28,744 yuan ($4,148) per square meter in March to 25,200 yuan in October.
Some home buyers who purchased apartments at higher prices have expressed discontent, feeling their interests were impaired with the slashed home prices, thepaper.cn said.
In June, Beijing home buyers protested and appealed for a refund after the prices of some residences in Tongzhou district were reduced after they made a purchase. Similar incidents were reported in other cities across China, including Hangzhou, China Newsweek magazine reported in October.