Home / Government / Local Governments News Tools: Save | Print | E-mail | Most Read
Outrageous Prices Put Shanghai Developers in Spotlight
Adjust font size:

Three real estate developers in Shanghai are being investigated for fraud, the municipal government has announced.

An outcry has engulfed local media and citizenry after the Tomson Haijing Garden (Shanghai Pudong New Area) Co. Ltd valued its brand new Tomson Riviera apartments for sale at 110,000 to 120,000 yuan (US$14,285 to 15,584) per square meter.

Although the apartments went on the market in October 2005, the company's website shows that only three have been bought so far with deposits having been secured from three other customers.

The company has been accused of holding off on selling their apartments to profit from soaring real estate prices in the city. Such actions have now been curtailed since the Shanghai municipal housing, land and resources administration suspended the project.

The bureau is also examining the business track records of two other companies - Shanghai Jiahe Real Estate Co. Ltd and Shanghai King Wai Holdings Co. Ltd – which have also seen their projects suspended.

Shanghai Jiahe is accused of buying 204 apartments out of its own 276 apartments in order to hoard property while the price continues to rise while Shanghai King Wai reneged on 300 contracts with potential buyers in an attempt to ward off sales.

Amidst rising house prices in major Chinese cities, relevant authorities have vowed to end unfair practices that could drive prices even further.

(Xinhua News Agency June 6, 2007)

Tools: Save | Print | E-mail | Most Read

Related Stories
Property Market Still Hot Despite Cooling Measures
Real Estate Still Appeals Despite Tax
Shanghai at Center of Land Use Efforts
Questions and Answers More
Q: What Are the Custom Procedures to Export Personal Articles?
A: According to the Custom Law, any long-term non-resident passenger importing or exporting articles for personal use must submit a written application to the appropriate customs agency personally or by authorizing an agent.
Useful Info
- Who's Who in China's Leadership
- State Structure
- China's Political System
- China's Legislative System
- China's Judicial System
- Mapping out 11th Five-Year Guidelines
- Chinese Embassies
- International Department, Central Committee of CPC
- State Organs Work Committee of CPC
- United Front Work Department, Central Committee of CPC
SiteMap | About Us | RSS | Newsletter | Feedback
Copyright © China.org.cn. All Rights Reserved     E-mail: webmaster@china.org.cn Tel: 86-10-88828000 京ICP证 040089号