But in June 2020, Jiadengbao Real estate property hit the headlines after a court offender its parent company of illegal fund-raising and seized 340 million yuan worth of its properties, which includes a number of flats within Xiulan County Estate.
Building stopped in mid-2020, which Xu found out months later, describing her feelings at that time as “crashing from paradise”.
Jiadengbao Real Estate did not react to a request for comment from Reuters.
Since the debt crisis erupted in 2021, thousands more house buyers have been captured in similar problems as cash-strapped developers went into bankruptcy or even abandoned struggling projects.
FENCING PLUS UNDERGROWTH
On the recent day, the main block of buildings at Xiulan County Mansion was encircled by a tall azure fence while the clubhouse, touted in promotional materials, was covered in dense undergrowth. Concrete mixers, iron posts, and piles associated with debris lay thrown around.
Xu, who is unemployed, said she bought the apartment for her only son, with the hope that he would be able to raise children there. She mentioned her son and her husband, whom live far away within the northern province of Hebei, blame the girl for their financial predicament and no longer talk to her.