Property agent fined 400,000 yuan for false marketing

A local property agent has been fined 400,000 yuan (US$61,538) for violation of China's law against unfair competition, Shanghai's market watchdog revealed on Thursday.

The Shanghai Administration for Market Regulation exposed eight cases in the property market on Thursday as it strengthened supervision and management of the real estate sector.

Of the eight cases, two branches of Shanghai Meikailong Aijia Property Management Consultation Co Ltd were found releasing 61 pieces of fake property information on Shanghai online property platform Anjuke between February and March to spur transactions.

The price of an apartment was shown at 4.28 million yuan on the platform while the real sales price was marked 5.35 million yuan by the company, according to the administration.

The property agent was also found collecting and using consumers' personal information improperly, the administration said.

It was fined as a result.