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
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
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
Guangwei Real Estate Agency faces accusations that
one of its branches published apartment sale information without authorization
from the owner.
(Source: Shanghai Daily)