2009 top ten news
Top 10 real estate debacles 2009
(chinadaily.com.cn)
Updated: 2009-12-18 11:10
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4. Jian Wai SOHO faces blackout as management company fails to pay bill
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More than 1,400 units in Jian Wai SOHO, a popular property developed by Chinese billionaire couple Pan Shiyi and Zhang Xin in Beijing's central business district, were threatened with a blackout by the local power supplier because their property management company Pinnacle failed to pay a bill totaling 6.2 million yuan.
Two hundred proprietors have to raise nearly 3 million yuan to pay their electricity bill directly by late November, bypassing Pinnacle.
Pinnacle said it did not have enough money to pay the bill as about 70 percent of proprietors were unwilling to pay management fees. Pinnacle was distrusted because of a conflict with Scitech International Property Management Co Ltd, the former property manager of Jian Wai SOHO.
Related readings:
Jian Wai SOHO faces blackout
Electricity ultimatum issued for SOHO
Residents pay power bill
