Shanghai Daily news

Shanghai Housing and Land Administration Bureau has revoked a local real estate developer's license to develop projects due to its illegal practices.
Shanghai Wanbang Enterprise Group Co has been found to produce fake contracts and colluded with real estate agencies to raise the prices of its projects, the bureau said in a statement.
Betting on higher housing prices, the developer signed fake sale contracts with its staff who were then allowed to cancel the deals within seven days. By doing so, the developer was banking on a rise in the prices of the apartments.
"It is against the law to artificially raise the market prices," said the bureau.
The sales department of Wanbang was found to collude with some real estate agencies to sell apartments which were "sold" to the staff.
The local land administration bureau has informed the Industrial and Commercial Administration Bureau to remove Wanbang from its registration list after the company's last project is completed in several months, according to the statement.
"We will also put the illegal practices into relevant company official and staff's credit profiles. The agencies involved in the cases will also be punished," said the statement.
Wanbang officials declined to comment on the case yesterday.
The Wanbang project, covering 400,000 square meters, is located in Pudong New Area.
The bureau re-affirmed that local real estate developers must put the prices of their projects on the bureau's official Website.
Shanghai started to require its land developers to disclose the prices of residential projects on the Internet since last April.
Shanghai's housing prices have been rising for five years. The real estate sector has lured investment funds from overseas recently.