02 Apr '17, 6am

Penalty clause adds to woes of Forest City’s Chinese buyers https://t.co/yEq4dvgyv4

Penalty clause adds to woes of Forest City’s Chinese buyers https://t.co/yEq4dvgyv4

SINGAPORE — Chinese buyers of homes at the Forest City megaproject in Johor who cannot proceed with their purchases after capital controls introduced by Beijing are now in limbo, after they found out that they have to pay the developer a hefty compensation for backing out of the deals. Some of the buyers told TODAY that they discovered this when they tried to seek refunds of the 10 per cent deposit that they had paid for the units by developer Country Garden PacificView (CGPV). They wanted to cancel their purchases as restrictions on capital outflows introduced by the Chinese government late last year had resulted in them not being able to transfer payments from China. But the developer told them they would have to pay a penalty equivalent to 30 per cent of the purchase price for foregoing the deal. This clause is in the sales contract, a copy of which TODAY has seen. But ...

Full article: http://www.todayonline.com/singapore/penalty-clause-adds-...

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