Wednesday, March 30, 2011

Chinese Enforcement of House Price Limits, Round 1

China penalizes property developer for pushing up housing prices

"The next stage of our housing project will be available in the first half of 2011 at the earliest, and prices are very likely to exceed 8,000 yuan a square meter," the company said in a notice to potential home buyers last December.

Ganzhou's price bureau imposed a fine of 500,000 yuan on the company and ordered the repayment of all money collected from potential buyers, in accordance with the country's Price Law.

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