Chinese police have detained seven property agents in Shanghai for spreading rumors of plans for a new government regulation that caused a rash of divorces and a rush to buy new homes, state news agency Xinhua reported on Friday. The rumors led to a surge in divorce rates and a buying frenzy in the financial hub, Xinhua quoted local police as saying. The agents were accused of "affecting the stability of the local housing market" for better sales and commission fees, Xinhua said. Shanghai has widely been regarded as one of the most restrictive Chinese cities in terms for home buyers. It implemented further regulations earlier this year, including increasing the downpayment ratio for second-time home buyers.

Source: Thanhnien News September 09, 2016 05:15 UTC