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October 19, 2016

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Home » Business » Real Estate

Developers and brokers penalized for breaches

EIGHT residential property developers and seven real estate agencies in Shanghai have been punished for falsifying contracts and running misleading advertisements, a statement said yesterday.

They were punished following joint inspections by the city’s housing and pricing authorities.

The online sales registration for the projects developed by the eight developers, which include China Resources Land Ltd, have been suspended as they raised prices without receiving permission from the local authorities, according to a statement released yesterday by the city government.

The seven property brokerages, which include Pacific Rehouse, received administrative penalties for making fake contracts and running misleading advertisements, the statement said.

The latest crackdown on violations of regulations and illegal activities uncovered in the city’s real estate industry occurred less than two weeks after the city unveiled further tightening measures to stabilize its red-hot property market.

On October 8, the city followed other cities across the country when it unveiled measures to cool the overheated housing market. These include raising land supply and boosting supervision of capital.

A work team comprising staff from local government departments will be formed to regulate funding sources for land purchases and supervise strictly new home prices, said the October 8 announcement.


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