China's most expensive apartment no longer up for sale

June 21, 2011 - Beijing

China's most expensive apartment is no longer for sale, amidst a government investigation involving profiteering charges against the developer Sinobo Real Estate.

The high-end penthouse in Beijing's Haidian district had an asking price of more than 300 million yuan (US$46.2 million), or 300,000 yuan (US$46,300) psf, reported ChinaDaily.

Beijing's housing authorities on 3 June suspended the sale of the unit, along with 22 other units in the Diaoyutai No 7 Complex.

The Sinobo Group, the developer's parent company said on Friday in a statement on its website that it had decided to not sell the complex's penthouse apartment and would keep it for the company's own use.

The group also cut prices for the complex's 22 other apartments, according to the statement.

"The company has realised that the high prices may have bad effects on the market, as the government is working to control soaring house prices," said the statement.

Also on Friday, the Beijing Municipal Commission of Housing and Urban-rural Development said in a statement that they imposed a fine of 1.72 million yuan (US$265,700) on the developer for violating sales and furnishing regulations.

Beijing's tax bureau is auditing the developer's tax records for possible tax evasion.

Via Property Report - Photos: Xinhua

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