Homelink probed over unauthorized sales

Homelink Real Estate Agency Co, Shanghai's largest chain of second-hand property agents, is under investigation by the city's housing regulator for allegedly selling financial products without authorization.

A circular issued by the regulator said the probe started earlier this month, and focused on what it called "financial products" being sold to home sellers, based on allowing owners to raise cash by mortgaging properties that are to be sold.

Officials from the Shanghai Municipal Housing and Urban-Rural Development Committee are believed to have interviewed Homelink's directors on Wednesday, urging them to cooperate with the investigation.