Agent ‘manipulated market’
Print Edition
A REAL estate agent who, in a bid to boost sales, spread rumors on the Internet that mortgage rates were about to rise appeared in court yesterday charged with provocation.
Prosecutors said the suspect, surnamed Shen, a former sales manager with the Jinfeng real estate agency, caused severe instability in the city’s housing market by spreading the rumor.
She is accused of using WeChat in August last year to say authorities planned to tighten interest rates in September.
Prosecutors say she told her team members to alert buyers to sign contracts as soon as possible before the rate rise, the court heard.
The rumor went viral and appeared in newspapers and on TV before the Shanghai housing authority denied it.
Shen was arrested in September and charged with provoking trouble because her actions caused severe public disorder, prosecutors said.
The court has yet to hand down a verdict.
Shen was one of six real estate agents caught in September, accused of saying the government would raise interest rates or impose a higher deposit for home buyers.
Prosecutors did not detail the impact of Shen’s actions on house prices.
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