Cheap housing sparks graft claims
By Jane Chen |
March 23, 2010, Tuesday
|
Print Edition
Print Edition
MORE than 70 apartments have been sold at a fraction of their value in an east China city recently, sparking allegations of corruption and trade manipulation.
The 74 apartments were sold at a third of their original prices from March 8 to 14 in Hangzhou, capital city of Zhejiang Province, Xinhua reported.
Among them were 53 apartments in Taihe Plaza which were sold at 7,000 yuan (US$1,025) per square meter on March 12, nearly half their price tag.
On the same day, nine apartments in Qiantang Air Mansion were sold at 15,175 yuan per square meter, almost half the 30,000 yuan price of similar property in the neighborhood, according to Xinhua.
Sales staff claimed these prices were special offers for those with a close relationship to developers, such as developers' shareholders, and called it a "public secret" in the industry.
But one insider told Xinhua that corruption could be involved as the beneficiaries could be government officials linked to the developers. These officials usually buy apartments in the names of families or friends, he said.
The 74 apartments were sold at a third of their original prices from March 8 to 14 in Hangzhou, capital city of Zhejiang Province, Xinhua reported.
Among them were 53 apartments in Taihe Plaza which were sold at 7,000 yuan (US$1,025) per square meter on March 12, nearly half their price tag.
On the same day, nine apartments in Qiantang Air Mansion were sold at 15,175 yuan per square meter, almost half the 30,000 yuan price of similar property in the neighborhood, according to Xinhua.
Sales staff claimed these prices were special offers for those with a close relationship to developers, such as developers' shareholders, and called it a "public secret" in the industry.
But one insider told Xinhua that corruption could be involved as the beneficiaries could be government officials linked to the developers. These officials usually buy apartments in the names of families or friends, he said.
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