Filed under: Estates
Last year a bunch of stories came out about Tomson Riviera, the priciest condo complex in Shanghai, China. Last year the company sold a $16 million condo that set a record for the area. Maybe that record was a little too good to be true. Now comes news that the developer will no longer be able to sell the property. It has been shut down pending an investigation. The Shanghai municipal housing, land & resource administration bureau are looking at the developers of Tomson Riviera, along with several other companies, for forging sales. The bureau has found evidence that the company reportedly sold their apartments at outrageous prices and then canceling the contracts. Wow, and I thought the U.S. condo market was rough.