Shanghai Daily news

Shanghai's land and housing regulator is demanding a local real estate developer stop selling its office building in Pudong New Area due to the company's malpractice in selling the property.
Shanghai Zhangjiang Information Security Development Co has been involved in reporting false sales figures and producing artificial contracts to the local housing and land regulatory body, said the Shanghai Housing and Land Administration Bureau in a statement released yesterday.
"Its purpose is to hold its apartments by reporting artificial buyers," it said.
The developer reported to the city's online housing registration system that it had sold all its 65 office apartments in Zhangjiang recently, 54 of which were found to be held by the developer, betting on higher housing prices.
"Investigations show the company artificially produced buyers names like 'A,' 'World,' and 'World Venture Holdings Limited' and fake ID and telephone numbers of those 'buyers,"' said the statement.
All the fake contracts were made by two sales managers of the developer according to the company's sales strategy, said the statement.
Officials of the developer were not available to comment yesterday.
Since April, Shanghai has required real estate developers citywide to report their sales situation to the bureau which will then put the information onto its official Website in efforts to make the housing market transparent to the public.