China Property Agency Launches ‘Haunted House’ Database


From flimsy fixtures to pestilential pipes, Beijing apartments generally
come with one defect or another. So who needs an angry ghost added to
the equation?

To help potential residents suss out whether their apartment might be
prone to supernatural visitors with axes to grind, one Chinese property
agency has created a database cataloging unnatural deaths—murders,
suicides, etc.— that have occurred in Beijing homes.

According to an analysis posted on a site operated by China’s Ministry
of Justice, no clear law exists that requires Chinese landlords or
would-be sellers to disclose, say, a particularly brutal history
attached to an apartment. To be sure, there’s precedent for buyers who
weren’t aware of such a past to gain compensation through the courts if
they feel duped. In one 2011 case, a buyer surnamed Wang ended up being
awarded about 60,000 yuan after the seller failed to make clear that a
previous resident had committed suicide on the premises.

Still, the site warns, caveat emptor.

Enter the haunted-home database. Such databases have also been created
in cities such as Hong Kong and Taipei, where residents likewise have a
strong aversion to homes with violent histories. In Hong Kong, for
example, such homes are meticulously documented. Traditionally, they
have been sold for discounts of as much as 30% and are particularly
popular with expats, who agents say are less superstitious and disturbed
by such pasts.

A report carried in the Beijing Youth Daily said that the Beijing-based
database, created by property agency Home Link, currently features 900
entries. The paper said the database was created after the agency had
run into a number of sticky situations in which customers learned about a
violent death in their home only after a deal had already been
finalized. The company didn’t respond to a request for comment.

As China’s housing property prices have zoomed upwards in recent years,
Zhou Yinggang, director of the Chinese University of Hong Kong’s Center
for Hospitality and Real Estate Research, said that while the database
might be intended to assist potential residents, its information could
also be helpful for investors. In Hong Kong, which in years past has
experienced a meteoric property rise, some investors who might be priced
out of other segments of the market have deliberately targeted haunted
apartments, he said.

“This could help create a market for alternative investments,” Mr. Zhou
said. “Some haunted homes are in pretty good neighborhoods.”

Either way, buyers can take comfort from one thing: Much of China’s
housing stock is new enough that the odds of anything very sordid having
previously happened in a particular apartment are comparatively slim.
Nearly 80% of all of China’s urban housing stock is just about a decade
or so old. By contrast, in the U.S., about 85% of housing was built
before 2000. – WSJ

Source Article from http://feedproxy.google.com/~r/AscensionEarth2012/~3/zVAxlkhybsk/china-property-agency-launches-haunted.html

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