On October 19, 2026, in Yexian, Pingdingshan City, Henan Province, the “Beautiful Life Home” project, with a pre-sale amount of 548 million yuan in violation of regulations, has not been completed and delivered yet. Subsequently, the local authorities applied for a special loan of 100 million yuan to advance the project under the “Guaranteed Housing Delivery” program. However, there have been disputes over the flow of some funds, leaving many homebuyers waiting for years with no clarity on the delivery schedule.
According to a report by “The Paper” on October 19, the “Beautiful Life Home” project started construction in 2015 but was halted in 2016 due to funding chain issues. Subsequently, the government of Yexian introduced investment and partnered with the Fuzhou Tianfu Group and the former project leader Wang Guoji to develop the project. They established the Central Plains Yandu Salt Lake Resort Limited Company (referred to as “Yandu Company”), with Wang Guoji holding a 48% stake and Ni Zhaowu, designated by the Fuzhou side, as the legal representative.
An audit report issued by the Yexian Audit Department in November 2022 revealed that from 2019 to 2021, the Yandu Company had unlawfully diverted a total of 547.7 million yuan in pre-sale funds to other real estate development projects.
In September 2022, the project was included in the scope of the “Guaranteed Housing Delivery” program, involving 1,549 households, and applied for a special loan of 100 million yuan, of which 95 million yuan actually reached the supervisory account. As of March 2024, audit data showed that there were still 285 units not delivered on schedule, with an estimated additional construction fund requirement of about 30.12 million yuan. By January 2024, the Yandu Company had owed around 133 million yuan in construction funds.
Wang Guoji stated that the first and second installments of special funds were used for project construction, but the final installment of 52 million yuan for the “Guaranteed Housing Delivery” fund had issues.
At the end of January 2025, Wang Guoji paid approximately 41 million yuan to the construction entity Henan Tongfeng Hong Industry Co., Ltd., for resuming construction work as required. However, the construction unit did not proceed with the work after receiving the payment. Upon inquiry, Wang discovered that the funds had been diverted, with around 35 million yuan returned to the Yexian Finance Bureau’s account and about 5.1 million yuan retained by the construction unit’s responsible person.
Wang Guoji claimed he did not receive a receipt for the 35 million yuan returned, and the audit report did not clarify the final destination of this fund. He showed the receipts of his transfer to Tongfeng Hong Company to a reporter but lacked evidence of the company transferring the 35 million back to the finance bureau’s account. The audit report on the “Guaranteed Housing Delivery” fund did not specify the final flow of the 35 million yuan.
In response, the Yexian Real Estate Affairs Center issued a written reply on April 7, 2026, denying that department heads had redirected the “Guaranteed Housing Delivery” funds to other units, causing project delays. The developer also rejected the allegations, stating that the special funds were disbursed according to the approval process, and the project was still progressing.
Efforts to contact the Yexian Housing and Urban-Rural Development Bureau, Finance Bureau, and relevant company officials for a response on October 18 and 19 by “The Paper” were unsuccessful.
The project suspension has left homebuying families in dire straits.
According to “The Paper,” a buyer under the alias Chang Si had initially paid over 200,000 yuan for a home, but due to delays in signing contracts and delivery, he repeatedly returned to Pingdingshan to demand a refund, only receiving 110,000 yuan back. To prevent the loss of his previous payment, he raised additional funds to complete the purchase, paying around 500,000 yuan for the property.
Chang Si emptied his savings but has still not been able to move into the new house. He mentioned that his family’s old house was on the verge of collapsing, and his plan to settle in the “Beautiful Life Home” has now failed, leaving his family nomadic in other places.
Another buyer under the alias Wei Guo and his wife have been working at a factory in another location for years to send their child to school in the city. In early 2022, they bought a property in the project for this purpose. However, despite their child now being in the fourth grade, they have yet to move in.
Wei Guo expressed that with no pre-sale or “Guaranteed Housing Delivery” funds left, they cannot withdraw their home purchase funds, which hinders the project’s commencement. To buy the property, they not only used up their own and their parents’ savings but also emptied six family members’ wallets.
Wang Guoji mentioned that currently, only about 10 to 20 workers are on-site daily, but due to insufficient funds, progress is slow, making it uncertain when the owners of “Beautiful Life Home” will finally be able to receive their houses.