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August 6, 2012

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Man tried for killing broker over real estate deal

A MAN who complained that he lost 3 million yuan (US$483,870) when selling his house is facing trial for killing a broker.

The broker persuaded him to sell his house before China's real estate market boomed, Qingpu District People's Court said yesterday.

Xu Lei, 38, the defendant, started building a house in Xujing Town in Qingpu after acquiring a plot of land in 2003.

Qian Bin, the broker, told Xu that his boss, surnamed Yao, intended to buy Xu's house when two stories of the building were finished.

Xu agreed to sell the house for 450,000 yuan (US$72,580) to Yao, who operates a precision instruments company.

In 2005, as local housing prices took off, Xu told Yao he had to fork over more money or return the house.

Yao agreed to return the house and asked for 1 million yuan in compensation for breach of contract, which Xu couldn't afford.

Xu tried several times to track down Yao but failed.

Then, in a rage, he stabbed Qian to death at Qian's apartment in May, the court heard.


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