A group of about 40 Hong Kong-based shop owners in Guangzhou's Zhidi Plaza reached an agreement yesterday with its developer and managers to revive the failed complex, which has been occupied by illegal tenants.
'Both sides reached preliminary agreement to make the plaza work. The other party was seriously taking note of our complaints,' said one of the owners, who asked to be identified as Ms Sun.
Ms Sun said she bought her 35 square metre lot in 1993 for more than 900,000 yuan, but has not been able to rent it out because there was no power supply or air conditioning.
She said someone was living in her shop lot and paying 300 yuan a month to the management office.
Ms Sun and about 100 Hongkongers who invested in the plaza, which is on a quiet stretch of the main thoroughfare on the south bank of the Pearl River, also complained that the lots they bought were worth only half or less of what they had paid for them.
'When I picked up the title to the lot in 2001 they said it was only worth 400,000 yuan,' said Ms Sun. 'They told me the rest of the money I paid was for renovation but they did not give me any receipt for renovation. We were angry but what's the point?'
