In Shaoxing, Zhejiang, Mr. Chen expressed his disappointment as he has yet to receive the promised 720,000 yuan worth of gold after buying a house for 2.19 million yuan based on a verbal agreement. It has been five months since the purchase, and the financial burden on Mr. Chen has mounted to over 4 million yuan, causing him significant stress.
Mr. Chen revealed to “Hangzhou Traffic 918” that his family of four is still residing in an old house. In June 2025, he set his eyes on a property in the Huafa Financial Vitality City in Yuecheng District, a 119-square-meter ground floor unit priced at over 2.19 million yuan.
The down payment for the house amounted to over 510,000 yuan, but taking into account the subsidy for the second child which reduced the amount to be paid to 330,000 yuan.
On July 28, 2025, he made the down payment, and on August 4 of the same year, he received a bank loan of 1.68 million yuan. Initially, Mr. Chen planned to immediately cash out the 720,000 yuan worth of gold upon its receipt to repay a portion of his debts.
He candidly admitted that his total debts exceed 4 million yuan, and even the down payment was borrowed – 500,000 yuan from a private loan and 100,000 yuan from another, which was used to repay the initial down payment.
Mr. Chen shared that apart from the house, he needs to repay debts elsewhere too. He had anticipated the prompt delivery of the promised 720,000 yuan worth of gold, but the commitment has yet to materialize.
On November 9 of last year, the salesperson, Xiao Hong, informed him via WeChat that the gold was being attended to and he would be notified upon its arrival. However, he expressed his discontent regarding the delayed fulfillment of the promise.
A phone call with Xiao Hong revealed that the six-month grace period was not yet due. She explained that the timeline starts from when the full loan amount is credited to the bank account.
As per the sales agreement, Mr. Chen is scheduled to receive the 720,000 yuan worth of gold on February 4, 2026. Nevertheless, Mr. Chen expressed his reservations about this timeline, citing his current debt situation and high loan interest making repayment challenging, pressing for a faster resolution.
The incident sparked discussions online and even trended on the hot search list. Some netizens criticized the practice of offering gold as a marketing ploy, suggesting deducting the value directly from the property instead.