Shanghai Probes Developers, Realtors Over Suspected Violations
- Investigates whether eight builders wrongly raised prices
- Effort to reduce ‘irrational’ land sales, rumor-mongering
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China’s financial hub Shanghai is stepping up a crackdown on property developers and the flow of funds into land transactions, part of broader government efforts to prevent a housing bubble.
Shanghai’s commission of housing and urban-rural development said Tuesday it was investigating whether eight developers raised selling prices for residential projects without permission. The agency has already suspended transaction licenses for some properties, according to a statement posted on its official Weibo account. Authorities also said they punished seven property agents for violations including spreading misleading information.