Property News · December 13, 2016

Shanghai developer CIFI’s over 370 million yuan land bid deposit forfeited by government


In a rare move, the Shanghai city authorities have withheld land security deposits worth up to 374 million yuan from a major developer, citing irregularities, amid the government clamp down on property speculation to cool the overheated market.
Shanghai-based CIFI Holdings – one of the country’s top 20 Chinese developers by sales – said on Tuesday that the Shanghai Land Transaction Affairs Center decided not to return its security deposit because it didn’t attend the…

Source : South China Morning Post
Read more…Shanghai developer CIFI’s over 370 million yuan land bid deposit forfeited by government