Shanghai official lists property 20pc lower than market price

A Shanghai official seeking a quick sale has listed his 6.8 million yuan (HK$8.47 million) flat for only 5.6 million, China’s 21st Century Business Herald  reported on Friday.  

This reflects the frantic efforts by officials across the country to dump their properties because of a looming state-led corruption crackdown

Real estate agents in Shanghai said they had received requests from officials eager to sell due to fears about future investigations, said the report. Many sellers were willing to lower their prices to get a quick deal.

Many agents have even used the line: “Owner, public servant, eager to sell” in their advertisements, said the report.

The Central Commission for Discipline Inspection recently announced it would launch a five-year anti-corruption plan this year. They will also start spot checks on senior officials’ personal assets. 

The commission said in a recent report that 4,755 flats have been sold by public servants in Shanghai since last November, according to the report.

Update:The Central Commission for Discipline Inspection denied having reported about officials rushing to sell properties, according to a China National Radio report on Friday.