Five years ago, nearly a hundred investors from all over the country, lured by advertisements, purchased properties at the Colorful Space complex in Fangshan District, with cumulative investments exceeding tens of millions of yuan. Five years later, the complex remains unfinished and unopened, while the developer now faces bankruptcy. Yesterday, dozens of investor representatives gathered in front of the complex to demand refunds or property delivery from the developer. The Fangshan District government stated that the developer had sold properties without obtaining the necessary sales permits, and has since established a special task force for investigation.
The Colorful Space complex is located at the southwest corner of the intersection of Gongchen South Street and Liangxiang Middle Road in Liangxiang. Known externally as the "Liangxiang Comprehensive Building," it was developed by Beijing Huaqiang Qi Yuan Real Estate Development Co., Ltd. (referred to as Huaqiang Company). Five years ago, the developer had already launched advertisements for the pre-sale of this yet-to-be-completed complex. Attracted by these promotions, nearly a hundred investors from all over the country contributed funds to purchase properties.
Investor Zhang Ming (a pseudonym) explained that in 2004, he saw an advertisement for this project. The ad claimed that the complex was a comprehensive building with office space and ground-floor commercial units suitable for business storefronts. "This location is in the prime area of Liangxiang, so I thought there would be potential for appreciation." Subsequently, Zhang Ming paid around 150,000 yuan as a down payment and reserved a ground-floor commercial unit in the complex. "At the time, the developer promised delivery by July 2008. I saw the building under construction and heard from them that they possessed the 'five certificates' required for development and sales, so I didn't think much more about it and just waited for early delivery."
In August 2008, when Zhang Ming arrived at the sales office, he discovered that Huaqiang Company had not delivered the property as promised. Although the nine-story building's structure was completed, the exterior decoration remained unfinished. Around this time, rumors spread that the developer might go bankrupt due to poor management. "When I heard this news, I felt deceived," Zhang Ming said. He immediately contacted the developer to inquire about the situation, but they assured him that they would deliver soon.
Other investors who shared Zhang Ming's experience stated that those investing in this commercial complex were not only local residents. According to statistics compiled by the self-organized homeowners' rights protection committee, investors came from Tianjin, Liaoning, Ningxia, and other places, numbering nearly a hundred. Among them, some hoped to profit from the property's appreciation, while others invested for their children. These individuals invested amounts ranging from hundreds of thousands to nearly a million yuan, with preliminary estimates indicating total investments exceeding ten million yuan.
Dozens of homeowners climbed to the roof of the unfinished Colorful Space complex on March 2, 2009, unfurling banners demanding justice from relevant departments. Firefighters and police quickly arrived, setting up warning lines at the scene. An hour later, responsible persons from relevant departments of the Fangshan District government also arrived to mediate.
During a meeting held at 11:00 AM yesterday, the Fangshan District authorities informed the homeowners about the status of the complex. A staff member from the Fangshan District Real Estate Trading Center introduced that the "Sales (Pre-sale) Permit for Commercial Housing" for the Colorful Space complex was obtained only in February 2008. However, the developer had already begun selling properties long before then, thus constituting illegal sales.
Relevant persons from the Fangshan District Court confirmed that due to poor management, Huaqiang Company was declared near bankruptcy by the First Intermediate People’s Court of Beijing in August 2008. However, considering the protection of investor interests, the case was transferred to the Fangshan District Court for coordination.
Subsequently, a responsible person from the Fangshan District Party Committee expressed that the district party committee and government were highly concerned about this matter and would thoroughly investigate the incident with a high sense of responsibility toward the homeowners. They announced the establishment of a special task force comprising the Construction Commission, Public Security, Urban Management, Audit, and other departments to conduct a comprehensive investigation into the matter. They would maintain timely contact with the homeowners to provide a satisfactory resolution as soon as possible.
Yesterday afternoon, reporters contacted Mr. Wang, the developer's responsible person, who stated that measures would be taken to address the issue, but specific actions needed to be consulted with his legal representative. Reporters then called Mr. Xie, the legal representative of Huaqiang Company from Beijing Xinhe Law Firm. However, the receptionist indicated that Mr. Xie had left for the day and did not provide any other contact information for Mr. Xie. When reporters again tried contacting Mr. Wang, he did not answer the call.
Reported by Peng Kefeng and intern reporter Zhang Jian.