No agreement, no pay
Some three hundred homebuyers of the Pearl Horizon residential project have announced they will stop repaying their bank mortgages for their uncompleted home units, Portuguese newspaper Tribuna de Macau has reported.
In a press conference on Tuesday, the President of the Pearl Horizon Homeowners Association, Kou Meng Pok, stated that many buyers had continued their monthly repayments of the mortgage loans but decided to stop the repayments having “lost hope” on the completion of the residential project.
Mr. Pok claimed some of the homebuyers who are simultaneously repaying several mortgages loans are facing many difficulties after the government declared the invalidity of the project’s developer Polytex Corporation Limited’s land grant for the plot without warning.
Homeowners now say they will only resume repayments once a resolution is reached between the government and the developer.
Secretary for Transport and Public Works Raimundo do Rosário said last week during his portfolio’s Policy Address debates at the legislature that "any solution for the Pearl Horizon issue would have to be found in agreement with the current Land Law".