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Tomson Group faces sales-scam probe 2007-06-07 13:28:17
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  ĦĦBEIJING, June 7 -- Tomeson Group Ltd is under investigation for allegedly falsifying sales figures at Tomson Riviera, the most expensive apartments on China's mainland, according to the housing watchdog in Shanghai.

    It is one of four companies - three developers and one real estate agency - being investigated for the same reason, the Shanghai Housing and Land Administrative Bureau said in a statement.

    Tomson Riviera, located in the heartland of the Lujiazui Finance and Trade Zone of Pudong New Area, is being quizzed after reportedly selling three of its apartments at 110,000 yuan(14,400 U.S. dollar) to 120,000 yuan per square meter and then canceling all deals.

    The luxury block, which became available for purchase in October 2005, has only sold three apartments while three other clients have paid deposits.

    In August, Tomson sold one apartment for 130 million yuan, or 130,000 yuan per square meter, the highest price for a condominium on China's mainland. The Riviera project has been suspended by the bureau.

    Shares of Hong Kong-listed Tomson were suspended Wednesday afternoon, pending an announcement "in relation to price-sensitive information."

    Feng Zhongliang, a manager of Tomson Riviera, didn't answer when Shanghai Daily called his phone. Also being investigated are Shanghai Jiahe Real Estate Co Ltd and Shanghai King Wai Holdings Co Ltd, which have had their projects suspended.

    Shanghai Jiahe is accused of buying 204 apartments out of its own 276 apartments as prices continued to rise. Shanghai King Wai is suspected to have canceled 300 sales contracts of its property in an attempt to stall sales.

    Guangwei Real Estate Agency faces accusations that one of its branches published apartment sale information without authorization from the owner.

    (Source: Shanghai Daily)

Editor: Wang Hongjiang
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