Officials Step In at Housing Project After Finding Baoneng Made Illegal Additions(Yicai Global) Jan. 23 -- Authorities have stepped in at an upscale Baoneng Group housing project after finding the developer engaged in illegal practices to increase the area of units.
City officials decided not to provide the company with deeds of title for some units after citizens informed them about underhanded work at the V-house development in Shenzhen's Futian district, SZ Home reported yesterday.
Places in the nearly sold out project have fetched an average of CNY110,000 (USD17,150) per square meter. The development, which the company introduced in 2015, covers an area of 36,000 square meters, with a construction area of 30,000 square meters. Its eight high-rises and two hotel-style apartment buildings have a total of 1,084 units.
The Chinese government unveiled regulations to curb construction practices developers use to attract buyers by illegally making additions.
Baoneng gave up a very public attempt to wrest control of China Vanke Co. last year. It spent CNY45.1 billion acquiring a more than 25 percent stake.