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Housing scam suspects arrested
By Wang Qingchu |
October 11, 2010, Monday
|
Online Edition
Online Edition
A FAKE housing project in southwest China attracted more than 2,000 buyers and allegedly swindled nearly 300 million yuan (US$45 million) in six months, said police.
Fooled by the relatively low to average price, supremely lavish promotion and an aggressive sales pitch from real estate brokers, more than 2,000 individuals and 40 companies signed contracts with the developer in Kunming, capital of Yunnan Province, in the first half of this year, People's Daily reported on its website today.
Yang Qingrong, chairman of Yunnan Junxin Investment Co, and his accomplices rented a five-star hotel lobby to use as an exhibition hall, exaggerated the company's registered capital and downloaded floor plans from the Internet, police said.
Despite the company's failure to present the preselling licence, buyers' suspicions were put at bay when they saw bulk purchase agreements signed with government agencies and large companies.
Kunming police arrested Yang and 15 other suspects and froze assets of 180 million yuan.
Fooled by the relatively low to average price, supremely lavish promotion and an aggressive sales pitch from real estate brokers, more than 2,000 individuals and 40 companies signed contracts with the developer in Kunming, capital of Yunnan Province, in the first half of this year, People's Daily reported on its website today.
Yang Qingrong, chairman of Yunnan Junxin Investment Co, and his accomplices rented a five-star hotel lobby to use as an exhibition hall, exaggerated the company's registered capital and downloaded floor plans from the Internet, police said.
Despite the company's failure to present the preselling licence, buyers' suspicions were put at bay when they saw bulk purchase agreements signed with government agencies and large companies.
Kunming police arrested Yang and 15 other suspects and froze assets of 180 million yuan.
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