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China’s Guangdong housing regulator warns consumers to buy property by Reuters


Reuters File Photo: Workers in the folds of a construction site near a residential building in Shenzhen after a new outbreak in Guangdong Province, China, May 17, 2020. Image taken on May 17, 2020.

BEIJING (Reuters) – A local housing regulator in China’s southern Guangdong province on Wednesday warned consumers against buying property because China Evergrand Group missed its third round of bond payments in weeks and warned others to default.

Consumers are at risk when property developers ask home buyers to keep funds in private escrow accounts.

The risks faced by consumers include allowing developers to sell a home at a price higher than the government-registered price or to use the deposit as a fund for group purchases or property purchases, through a single payment.

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