[ad_1]
But in June 2020, Jiadengbao Real Estate hit the headlines after a court accused its parent company of illegal fund-raising and seized 340 million yuan worth of its properties, including a number of flats in Xiulan County Mansion.
Construction stopped in mid-2020, which Xu found out months later, describing her feelings at the time as “crashing from paradise”.
Jiadengbao Real Estate did not respond to a request for comment from Reuters.
Since the debt crisis erupted in 2021, thousands more home buyers have been caught in similar predicaments as cash-strapped developers went into bankruptcy or abandoned struggling projects.
FENCING AND UNDERGROWTH
On a recent day, the main block of buildings at Xiulan County Mansion was surrounded by a tall blue fence while the clubhouse, touted in promotional materials, was covered in dense undergrowth. Cement mixers, iron poles, and piles of debris lay strewn around.
Xu, who is unemployed, said she bought the apartment for her only son, with the hope that he would be able to raise a family there. She said her son and her husband, who live far away in the northern province of Hebei, blame her for their financial predicament and no longer speak to her.
[ad_2]