The Beijing government has halted sales of the most expensive luxury apartment complex in the Chinese capital and launched an investigation into the developer for possible “profiteering”, state media have reported, writes Jamil Anderlini in Beijing.
Last week, this blog reported on the luxury 1,000 sq m penthouse apartments in the west of the city that were selling for more than Rmb300m ($46.2m) but now the government has decided the company may have misled potential buyers and is also investigating its tax records.
The price of the most expensive apartments in the development reportedly jumped from about Rmb100,000 per sq m in the middle of last year to Rmb300,000 this year.
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