Property News · January 24, 2021

Shenzhen announces ban, penalty on property cheats as homebuyers try new tricks to profit from red-hot market


Shenzhen’s local government will slap a three-year ban on residents who provide false information on new property purchases to stamp out cheats, after authorities discovered 12 fraud cases at a new housing project.Authorities in China’s wealthiest city in southern Guangdong province announced the penalty on Saturday after witnessing a buying frenzy in several new developments. A limit on home ownership and price caps to douse speculation have failed to restrain prices, creating opportunities…

Source : South China Morning Post
Read more…Shenzhen announces ban, penalty on property cheats as homebuyers try new tricks to profit from red-hot market