Three Shanghai real estate developers fined

08:35, February 24, 2011      

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Three local real estate developers were fined for hoarding homes or selling homes without getting official approval.

Shanghai Qishen Property Development Co was discovered to be hoarding homes by not disclosing the full supply of the homes in a project in Zhabei District in August. The company revealed only part of its supply to give the false impression that demand for the project was seemingly hot and that it was in short supply, Shanghai Housing Support and Building Administration Bureau said on its website.

Housing authorities require property developers to disclose the full supply of a project which is less than 30,000 square meters in floor area.

Shanghai Hongye Property Development Co sold apartments in Fengxian District in February and March 2010 without the pre-sale approval, the bureau said.

The company tried to bypass regulations by selling the homes to clients and taking deposits through so-called VIP cards.

Similar irregularities were found at another local developer Shanghai Shuang'ou Housing Co, which pre-sold homes in Songjiang District in October with no regulatory approval.

The housing bureau fined the three companies but didn't disclose the amount of the fines.

Source: Shanghai Daily
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