Pursuits
Vanke's Home-Sale Permits Scrapped in China's Xi'an in Clampdown
- Xi’an halted application on pre-sale permits by top developer
- City’s official TV station says Vanke sold without full permit
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A Chinese local government halted home-sales permits to China Vanke Co., as the nation’s leaders escalate scrutiny of irregularities in the property market to rein in surging prices.
Xi’an city, the capital of Shaanxi province, halted applications on pre-sale permits submitted by Vanke, which is suspected of illegally selling two projects, according to a statement on the city’s housing bureau. Transactions involving Vanke’s 12 projects in the city were also halted, the bureau said. The bureau didn’t disclose what illegal activities Vanke was engaged in.