Shanghai Daily news

The Songjiang District People's Court has ordered a Zhejiang Province investor to pay 60,000 yuan (US$7,229) to a local real estate firm after he failed to completely pay for a group of apartments he bought early last year.
The court also terminated the purchase contracts between Shanghai Shengyun Real Estate Co Ltd and the businessman.
The buyer, surnamed Ling, thought investing in the city's real estate market would be very profitable, the court heard.
He bought seven apartments for a total price exceeding 3 million yuan in a residential complex in Songjiang from Shengyun early last year.
He paid about 600,000 yuan as a down payment and promised to pay the rest of the money in two months.
The contract stipulated that if Ling failed to pay the remaining 2.4 million yuan in 90 days, the firm had the right to terminate the contract and demand compensation.
After Ling paid the down payment, he quickly put the apartment on sale at a higher price, hoping to earn some quick cash, the court heard.
But to Ling's surprise, a series of new government policies were issued to cool down the market. As a result, he was unable to sell the apartments.
The company gave Ling another six months to raise money. But by the end of last October, Ling still hadn't paid off his debt, the court heard.
"Since Ling didn't pay all the money as he promised, he breached the contract," said Li Weiguo, a court official.
Leaf Lee, an official from a local real estate company, said that Ling was obviously a blind real estate investor.