This photo shows a six-meter-square apartment in Shenzhen, Guangdong Province. (Photo/Guangzhou Daily)
(ECNS) -- Authorities in Shenzhen City, South China's Guangdong Province, have started investigating the murky sale of a six-meter-square apartment for 880,000 yuan ($130,000), local media reported.
The city's Urban Planning, Land and Resource Commission declared on its official microblog that the result of the investigation will be released in time.
Qiaocheng Shangyu, a real estate project in the city's Nanshan District, finished construction in 2004 and has been used as a hotel. At the corners of the building's several floors are nine small rooms ranging in size from 5.73 to 7.48 square meters.
All nine rooms, equipped with foldable beds and tables, sold within hours, even as the price per square meter reached an astonishing 150,000 yuan.
Some disclosed that the real space of the apartments was larger than what was reported on the property ownership certificate, making them eligible for the city's housing sale restrictions.
Shenzhen has adopted a series of measures to cool runaway home prices and curb speculation. Local homebuyers are required to pay at least 40 percent of the price as down payment on a second home.
