A man in China fell victim to an unusual real estate scam after purchasing a flat on the 34th floor of a building that only has 32 stories. The buyer, identified as Mr. Zhang, signed a contract for a 90-square-metre apartment on the supposed 34th floor, paying 2,646 yuan (approximately Rs 37,431) per square metre. This price was about one-third of the average market value in the region.
The Deceptive Purchase
Mr. Zhang believed he was getting a bargain deal for a high-floor apartment with scenic views. However, upon visiting the building, he realized that the 34th floor did not exist. The building, constructed by a local developer, had only 32 floors. The developer had allegedly fabricated the floor numbers to sell more units at inflated prices.
Legal and Financial Fallout
After discovering the fraud, Mr. Zhang attempted to cancel the purchase and recover his money. The developer, however, refused to refund the payment, leading to a legal dispute. Local authorities have launched an investigation into the developer's practices. Real estate experts warn that such scams are becoming more common in overheated markets, where buyers are eager to secure properties at below-market rates.
Market Context
The incident highlights the risks in China's real estate sector, where demand often outstrips supply. Buyers are advised to verify building plans and floor counts before making payments. The case has drawn attention on social media, with many users expressing sympathy for Mr. Zhang and calling for stricter regulations.
As of now, the developer remains unresponsive, and Mr. Zhang is pursuing legal action to reclaim his investment. The case serves as a cautionary tale for homebuyers everywhere.
