Recent reports have emerged about long-term apartment service provider “Eggshell Apartment”—and the company’s apparent lack of funding.
As a result, many tenants have been driven out of their rented homes by landlords across the country.
Eggshell Apartment was officially listed on the New York Stock Exchange this January.
According to reports, it’s the largest long-term rental company listed to date.
The agency claims to have more than 400,000 apartments in China and serves more than 1 million renters.
But now, its funding chain is broken. The company lacks the ability to pay the rent it owes the building landlords. As a result, some renters have been driven out of their homes. While others have had their water, internet, or gas cut off.
One tenant posted a request for help, saying “there have been many violent conflicts between tenants and landlords across the country, and now the police and the regime are trying to ignore it.
In one viral video, a woman who was driven out of her apartment by her landlord is seen holding a knife, in an attempt to defend her rights.
Another clip shows a tenant who climbed to the top of a high-rise building and prepared to jump.
Eggshell Apartment asked its tenants to pay annually in advance. While it paid its rent to build landlords monthly.
Eggshell also required its renters to sign a contract, which is actually a rent-loan. That’s so the bank would grant the company loans each year. But Eggshell would instead pay the bank monthly.
Now, with its broken funding chain, the company’s debt has been piled onto tenants’ shoulders.
Renter Ms. Fu told us most of Eggshell Apartment’s renters are young people who are just starting their careers. In other words, people who don’t have much savings to fall back on.
“The company asked renters to sign a contract, renters didn’t know what they signed was actually a rent loan. Then after the renters had signed, the company told them it was a rent loan. We don’t even know that the company would use such a hidden trick.”
Renters also explained to us that calling the police doesn’t do any good. That’s because officers are refusing to address the issue, instead of telling renters to work out the problem themselves.
Reporting by Xiong Bin