Apartment sales in Beijing's most expensive complex suspended
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Photo taken on May 26, 2011 shows the exterior of the apartment buildings "Diaoyutai Courtyard Number 7" in Beijing, capital of China. [Photo: Xinhua] |
Sales of units in a Beijing luxury apartment complex have been halted as the developer issuspected of profiteering, said an official with the Beijing Municipal Commission of Housing and Urban-Rural Development on Friday.
An investigation has been initiated on 27 sets of apartments in the Diaoyutai No. 7 Complex, the most expensive apartment complex in the city, said the official on condition of anonymity.
The developer had increased the average price per square meter from 100,000 yuan (about 15,430 U.S. dollars) to 300,000 yuan.
Located in the city's western Haidian District, the complex was developed by a real estate company affiliated with Sinobo Group.
Despite government controls on property prices, apartment prices of Diaoyutai No. 7 Complex had kept quickly increasing, said the official.
The company is suspected of profiteering and misleading potential buyers, he added.
The commission and the Beijing Local Tax Bureau are currently investigating the developer's accounts.
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