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China Evergrande, China Overseas Land probed in Jinan over project sales

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China Evergrande, China Overseas Land probed in Jinan over project sales

China'sMinistry of Housing & Urban-Rural Development asked the local authority ofJinan to investigate ChinaOverseas Land & Investment Ltd. and for illegalsales in the city.

ChinaOverseas Land's International Community project and China Evergrande's Yufengand Binhe Left Bank projects in Jinan are involved in "aggressivepromotion and malicious speculation," causing a "seriously disruptedorder" in the real estate market, the ministry said on its websiteon Oct. 2.

OnOct. 1, "thousands" of buyers flooded to the opening sales ofEvergrande's Yufeng and Binhe Left Bank projects, triggering "panicbuying," the Jinan Committee of Urban-Rural Development said in noticepublished on its websiteOct. 2. The local authority said it would suspend the pre-sale permits for all ofEvergrande's residential projects in Jinan.

Additionally,the Jinan authority claimed in another notice that China OverseasLand planned to auction the 703 apartments in its International Community projectonline without obtaining permits, a move that could "maliciously push uphome prices." As such, it ordered China Overseas Land to suspend the plan,and warned against such practice in the future.