Zhang Xin, former deputy head of the department of housing management in Hangzhou, E China’s Zhejiang Province, was suspended from duties and put under investigation over real estate speculation, the local authority confirmed recently.
During his time in office as the chief of the real estate development section of the municipal construction committee, Zhang speculated in possibly over 20 house properties worth hundreds of millions of yuan primarily by means of buying low and selling high, according to the city procuratorate of Hangzhou.
The case is currently under further investigation, with the exact amount of property value yet to be ascertained. Zhang is likely to be accused of discipline violation, corruption and malpractices.
Source: Sina English