Shanghai developer suspends lottery bid for 'life-changing apartments' pre-sale
Shanghai Donghang Real Estate Co Ltd, known for their "life-changing apartments" and townhouses in the Oriental Bay area of Xuhui District, Shanghai, announced on Tuesday that they will temporarily suspend their lottery bid for pre-sale purchases of the residences.
The company stated that this decision was made in an effort to maintain market order and safeguard the rights of buyers.
The lottery bid for the opening sale of the Oriental Bay Yunzhu project and related activities, previously scheduled for June 1 at the Dongfang Notory Public Office in Shanghai, will be postponed indefinitely. The developer apologized for any inconvenience caused to interested buyers.
Potential buyers of these luxurious apartments, with prices lower than those of second-hand properties, have shown great interest in them, seeing them as a profitable investment opportunity.
Earlier this month, tags such as "life-changing apartments," "apartments make you sleep-to-earn 20 million yuan," and "No. 1 financial product" went viral on social media.
However, there were also reports of scalpers offering their "help" with funding and qualification in the queue of potential buyers.