{"id":26063,"date":"2016-09-14T17:09:21","date_gmt":"2016-09-14T10:09:21","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/shanghai-police-detain-suspects-over-rumours-that-sparked-home-buying-chaos\/"},"modified":"2016-09-14T17:11:49","modified_gmt":"2016-09-14T10:11:49","slug":"shanghai-police-detain-suspects-over-rumours-that-sparked-home-buying-chaos","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/shanghai-police-detain-suspects-over-rumours-that-sparked-home-buying-chaos\/","title":{"rendered":"Shanghai police detain suspects over rumours that sparked home-buying chaos"},"content":{"rendered":"


\nLaw enforcers find the root of gossip which led to wide-spread panic
\nRumours swirled in Shanghai of tightened home lending rules, which led to a panic buying spree and some divorces. Fan jianhua \/ Shutterstock
\nShanghai authorities have identified the originator of rumours that the Chinese government will tighten home lending policies in the city, which led to frenzied buying in late August.
\nIn a statement released Friday, the Shanghai Public Security Bureau named the alleged rumourmonger only as Shen, a 34-year-old property sales manager. Acting on a tip that city officials would discuss possible changes to mortgage rules in September, Shen began spreading the story in late August to six other people, mostly real estate agents, by way of the messenger app WeChat. The suspects, who have since admitted to starting the hearsay, were detained last Tuesday.
\nShanghai\u2019s commission of housing and urban-rural development has officially denied the truth to the rumours, which had relatively devastating consequences, including the crash of a government website from a flood of panicky home buyers. Many Shanghai couples even filed for divorce, in order to secure the best rates as individual buyers.
\nMore: Shanghai to douse flaming market with new measures
\nAs gossip would have it, first-time home buyers are only required to fork out 30 percent of the property price as downpayment, as opposed to 70 percent for those seeking a second home.
\nFollowing the suspects\u2019 detention, the Ministry of Housing and Urban-Rural Development praised the investigators and reiterated a warning online against real estate agents disrupting the \u201cmarket order.\u201d
\nShanghai last introduced home buying curbs in March, when it increased down payment requirements from 40 percent to 50 percent for second home buyers. Shanghai is one of the world\u2019s hottest housing markets, with values up from 27 percent in the past year, according to the National Bureau of Statistics.
\nRead next: What will Shanghai look like in 2040?
\n
\nSource : property-report.com
\nRead more…Shanghai police detain suspects over rumours that sparked home-buying chaos<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Law enforcers find the root of gossip which led to wide-spread panic Rumours swirled in...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-26063","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-6Mn","jetpack-related-posts":[{"id":26736,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/g20-hangzhou-hangover\/","url_meta":{"origin":26063,"position":0},"title":"G20 Hangzhou hangover","date":"September 21, 2016","format":false,"excerpt":"\r Panic buying strikes again in China Qianjiang CBD in Hangzhou. Zhao jian kang \/ Shutterstock Trying to douse scalding residential property values in Hangzhou after it hosted the G20 summit, housing authorities inadvertently catapulted sales to record heights. Around 5,105 homes were snapped up in the city on Sunday,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28665,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/without-warning-9-chinese-cities-were-slapped-with-property-curbs\/","url_meta":{"origin":26063,"position":1},"title":"Without warning, 9 Chinese cities were slapped with property curbs","date":"October 5, 2016","format":false,"excerpt":"\r Unannounced cooling measures for panic-buying-prone market Wangfujing Street, Beijing. testing \/ Shutterstock.com Nine cities across China have suddenly introduced a range of cooling measures to their property markets over the weekend, even before home buyers could go on a preemptive buying spree. The measures rolled out across the mainland\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":133555,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mainland-chinese-property-shares-surge-on-rumours-authorities-will-back-financially-healthy-developers\/","url_meta":{"origin":26063,"position":2},"title":"Mainland Chinese property shares surge on rumours authorities will back \u2018financially healthy\u2019 developers","date":"January 4, 2023","format":false,"excerpt":"\r The Shanghai Stock Exchange Property Index jumped 3.5 per cent on Wednesday as rumours emerged that the authorities are planning a raft of supportive measures for financially stable home builders.\r \r Source : South China Morning Post\r Read more...Mainland Chinese property shares surge on rumours authorities will back \u2018financially\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":63630,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/citi-hit-with-us1-6m-fine-in-shanghai-for-violated-mortgage-lending-rules-and-slack-credit-card-issuance\/","url_meta":{"origin":26063,"position":3},"title":"Citi hit with US$1.6m fine in Shanghai for violated mortgage lending rules, and slack credit card issuance","date":"August 14, 2017","format":false,"excerpt":"\r US banking giant Citigroup has been fined 10 million yuan (US$1.6 million) by China\u2019s financial watchdog in Shanghai, accused of violating mortgage lending rules and for showing insufficient care when issuing credit cards. 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