Homebuyers seek to overturn previous contracts

Lin Zhi, a 30-year-old lawyer feels on the thorns these days. The apartment he bought at the end of last year, located outside Beijing's east fifth ring road, has shrunk by nearly 200,000 yuan so far, dropping from 12,000 yuan per sq m to 9,800 yuan per sq m.

"Since I've signed the contract and paid the installment, asking for a refund can't hold water on law," Lin said. As a lawyer, he understands this point clearly, but psychologically he can hardly accept the fact that his one-year hard work was in vain because of his new apartment.

"The feasible way now is to argue with the property developer for more favorable terms on other charges," Lin said.