SHENZHEN Yijing Central Walk Business Co. was suspected of illegally selling retail property without getting approval from the city’s planning and land resources commission, Shenzhen Economic Daily reported, quoting planning and land resource authorities.

    A woman surnamed Zhu told media that she paid 13.25 million yuan (US$2.1 million) for a 91.5-square-meter shop property in December 2010, after signing a contract with Shenzhen Legao Shareholding Co. and Liu Weihong, chairwoman of Shenzhen Yijing Central Walk Business Co., which promised she would receive property certificates within four months and her rental benefits.

    According to the contract, Zhu could be refunded the payment and also receive interest within seven days if the company failed to honor the contract by May 30, 2011. The two sides signed a supplementary contract to extend the deadline to Sept. 30, 2011.

    But by the end of December, Zhu had still not received the property certificate or any rental benefits.

    Zhu was shocked by a public announcement of Shenzhen Baoyi Property Management Co. which claims to be the only legal owner of the Central Walk property and the company won’t bear any responsibility for the buyers who purchase the property from other agents.

    Legao Investment Co., a shareholder of Baoyi Property Management Co., did not have the right to sell or lease the shops or profit from the transactions.

    The property certificate registered at the land authority showed the Central Walk property, which covers an area of 140,000 square meters, could only be transferred or sold on a whole. Baoyi signed a supplementary agreement with the land authority in January 2011, allowing partial transfer of 15,000 square meters. But Baoyi company didn’t register for the partial transfers at the land administration.

    “It is illegal for Central Walk company to sell the shop property prior to registering with the land authority,” the land authority said, suggesting property buyers consult sales agents or take legal actions to safeguard their rights. (Han Ximin)