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Property Buyers in China Protest As Bank Embezzles Money

China China Business & Economy China real estate Ping An Bank Social Issues supervisory funds

Property Buyers in China Protest As Bank Embezzles Money

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A Chinese bank had embezzled the supervisory funds belonging to the buyers of a real estate project in China. Hundreds of buyers launched a protest on Oct. 7. The bank being accused of embezzlement is the Ningbo branch of the China-based Ping An Bank. The local government has been asked to solve the problem of this unfinished real estate project, called Languang Yongjingwan, located in China’s Hangzhou Bay New Zone in Zhejiang Province. Money Gone According to the “Administration Measures for the Proceeds from Pre-sales of Newly-built Commodity Buildings” issued by the Chinese Communist Party (CCP), the establishment of supervisory funds is to prevent developers from running away with the money of property buyers. After the property buyer signs a purchase contract with the developers, the payment for the purchase of the property will be credited to a bank’s supervisory account. In that case, the developers cannot use that money …

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