China's most expensive apartment no longer up for sale: developer

10:34, June 18, 2011      

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Photo taken on May 26, 2011 shows staff member of the apartment buildings "Diaoyutai Courtyard Number 7" refusing interview in Beijing, capital of China.
The penthouse apartment building starts attracting public eyeballs because of its extraordinarily high selling price, which is reported to be 300,000 yuan (about 46,300 US dollars) per square meter. The real estate industry watchdog here, Beijing Municipal Commission of Housing and Urban-rural Development announced on June 3 that the sale of 23 overpriced apartments here has been suspended under suspicion of raking in exorbitant profits. The watchdog is making investigation on the real estate project.
Chinese government has been striving to rein in the rapid growth of its housing price to address the overheated investment in the industry. Housing purchase quota and strict housing loans have been adopted in many Chinese cities. (Xinhua/Luo Xiaoguang)

China's most expensive luxury apartment is no longer up for sale, the apartment's developer said on Friday, following high media exposure and a government investigation concerning a possible case of profiteering.

The luxury penthouse apartment in downtown Beijing was being sold for more than 300,000 yuan per square meter, with a total price tag of more than 300 million yuan (about 46.2 million U.S. dollars), before the city government halted its sale two weeks ago.

On June 3, Beijing's housing authorities suspended sales of 23 apartments in the Diaoyutai No. 7 Complex in western Beijing's Haidian district and launched a profiteering investigation targeting the complex's developer, Sinobo Real Estate.

The Sinobo Group, the developer's parent company, said on Friday in a statement on its website that it had decided to not sell the complex's penthouse apartment and would keep it for the company's own use.

The group also cut prices for the complex's 22 other apartments, according to the statement.

"The company has realized that the high prices may have bad effects on the market, as the government is working to control soaring house prices, said the statement.

Also on Friday, the Beijing Municipal Commission of Housing and Urban-rural Development said in a statement that they imposed a fine of 1.72 million yuan on the developer for violating sales and furnishing regulations.

Beijing's tax bureau is auditing the developer's tax records for possible tax evasion.

Source: Xinhua
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