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Families cheat in race for cheap homes

A TOTAL of 81 families out of 2,566 applicants have been disqualified from Shanghai's first allocation of low-budget homes after a review by the city's housing authority.

Some had lied about their residence status while others had underreported their income, today's Oriental Morning Post reported.

Shanghai Housing Security and Housing Management Bureau will soon publish the list of the qualified families for public review. Those making the final cut will draw lots to buy the cheap houses.

The bureaus are talking about down payments and mortgage loans for the houses with the city's mutual housing found authority and banks.

Prices for homes were set at between 4,800 yuan (US$703) and 5,200 yuan per square meter, about 30 percent cheaper than nearby housing projects, according to earlier reports.


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