 Across China: Zhejiang
(China Daily)
Updated: 2008-07-02 07:37 Rigged real estate prices A real estate developer in Zhejiang province, famous for its sky-high price Xihu Mingyuan buildings in Hangzhou, has been fined 150,000 yuan ($236,000) by Hangzhou price regulators for price rigging. Yitong Real Estate Company deliberately set out to deceive potential buyers, as in its brochure homes were stated to be only 200 m from Xihu Lake, while the actual distance, after being measured, is 722 m. The company was exposed last year by China Central TV for sales of its Xihu Mingyuan buildings at prices as high as 120,000 yuan per square meter. (China Daily 07/02/2008 page3) |
