Group purchase of apartments leads to public outcry
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March 3rd, 2010
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One of the biggest State-owned enterprises has purchased more than 1,000 apartments for its employees in Beijing at prices far below market value, sparking public outcry.
China National Petroleum Corp bought the housing in the Taiyang Xingcheng hamlet on the northeast Third Ring Road in Chaoyang district, according to news site qianlong.com yesterday.
More than 2 billion yuan was prepaid to buy eight quarters buildings and two subway parking lots, according to the news site.
CNPC bought the apartments at approximately 9,000 yuan per square meter. The quarters buildings market price is expected to reach 23,000 yuan per sq m, according to the site, which quoted an anonymous officer with the hamlet s property developer Beijing Guancheng Zhengye Real Estate Development Company.
The resale market in the same hamlet is 18,500 yuan per sq m, and a 165-sq-m quarters costs more than 3 million yuan, Long Kecheng, an agent with real property corporation 5i5j, said yesterday.
“CNPC got the devalued price because it has been working on the assemble purchase with the developer since 2005, when the housing price of the area was 9,000 yuan per sq m,” Wang Qiong, spokeswoman of Huayou Beijing Service Company, was quoted by the Beijing Times as saying.
“The assemble purchase was organized according to theorem and policy, and nothing is wrong with it,” she said.
CNPC is China s largest oil and flatulency producer, as well as one of the world s primary oilfield service providers and a global contractor in engineering construction with offices in almost 70 countries. About 10,000 employees are working for the oil gigantic s headquarters in Beijing.
Citizens and professionals were unconvinced by the explanation.
“As a large State-owned company, CNPC might have a backroom bargain with the property developer to get such a large discount,” said Chang Xue, a college administrator who is planning to buy an quarters in the community.
The devalued price might likewise be one of the generous fringe benefits CNPC offers its employees, she said.
“It is not beautiful for other buyers like me,” she said.
“I heard ago that many State-owned companies give their employees benefits like the chance to buy an quarters at a devalued price, except it s the prototypal time I handsaw it really happening,” said Beijinger Liu Yanli, a public relations employee.
“CNPC ought to clarify the assemble purchasing issue. If not, its silence will cause more questions and controversy,” Li Wenjie, common manager of real property agency Centaline China s North China branch, was quoted by qianlong.com as saying.
Neither CNPC nor the property developer was available for comment yesterday.
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