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October 26, 2016

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Estate agent arrest

A real estate agent has been arrested for spreading false rumors that sparked a sudden rise in housing prices.

Pudong District People’s Procuratorate said the suspect, surnamed Shen, 34, had spread the rumors in an attempt to stimulate the real estate market. The manager of a real estate agency called Jinfeng, she was accused of fabricating news via WeChat on August 22 that authorities intended to tighten mortgage policy in September.

Shen then ordered her 16-strong selling team to alert customers of the need to sign contracts as soon as possible, prosecutors said. They added the rumor soon went viral on the Internet.

Shen was one of six real estate agents who were caught by police on September 6.


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