The Beijing government has halted sales of the most expensive luxury apartment complex in the Chinese capital and launched an investigation into the developer for possible “profiteering”.

The high-end penthouse in Beijing’s Haidian district had an asking price of more than 300 million yuan (US$46.2 million), or 300,000 yuan (US$46,300).

Beijing’s housing authorities on 3 June suspended the sale of the unit, along with 22 other units in the Diaoyutai No 7 Complex.

The Sinobo Group, the developer’s parent company said on Friday in a statement on its website that it had decided to not sell the complex’s penthouse apartment and would keep it for the company’s own use.

The price of the most expensive apartments in the development reportedly jumped from about Rmb100,000 per sq m in the middle of last year to Rmb300,000 this year.

Sources: FT PropGOluxury Chinadaily

Diaoyutai Courtyard Number 7

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