Under the guidance of socialist core values, enterprises are expected to uphold fairness and integrity in their operations. However, while China is actively promoting anti-corruption measures, China Railway Real Estate, a wholly-owned subsidiary of a central enterprise, has repeatedly exposed serious safety hazards and construction quality issues in its Shanghai Hongqiao Yidu project.
Publicly available data reveals that the total sales revenue of the project reached 6.594 billion RMB, with estimated total investment costs of 5.5 billion RMB, including land acquisition costs of 4.422 billion RMB. Official sources have stated that the project achieved record-breaking profit margins for China Railway Real Estate. Within the industry, this project is infamous for its exorbitantly high profits, achieved under the pretext of “cost reduction and efficiency improvement.” However, this came at the expense of 1,128 hardworking families, who poured their life savings into their homes.
Since the project’s first launch on November 17, 2022, three batches of 1,128 units have been introduced, with an average subscription rate of 253%. Despite its outstanding sales performance and immense profitability, the delivered product quality has been alarmingly subpar. Many homeowners are deeply concerned about potential mismanagement and unclear fund flows within the project.
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