(Yicai Global) Dec. 7 -- Seven subsidiaries under Chinese office developer Soho China were fined a combined CNY86.64 million (USD13.6 million) earlier this month for charging their clients electricity rates higher than the normal tariff.

The seven property management businesses, all based in Shanghai, overcharged their tenants by between CNY1.6 million (USD251,000) and CNY7.25 million (USD1.1 million), Yicai Global learned from the Shanghai Municipal Administration for Market Regulation.

However, China’s electricity law states that “no businesses or individuals may levy a surcharge on consumers.”

Soho China has had a difficult year. Its HKD23.7 billion (USD3 billion) deal with US investment firm Blackstone to sell a 55 percent stake in the Beijing-based company fell through in September, allegedly because the pair failed to agree on acquisition terms.

Soho China posted a 66.8 percent leap in profit in the first half from the same period last year to CNY340.3 million (USD53.5 million). Revenue, though, was down 44.6 percent to CNY805 million (USD126.4 million).

Editor: Kim Taylor