The developers of the Thomson Riviera project are suspected of delaying the release of some units while they waited for the city’s skyrocketing real estate prices to rise further, the China Daily newspaper said.

The developer, Thomson Haijing Garden (Shanghai Pudong New Area) Co. Ltd., also is suspected by Shanghai land authorities of forging sales information to jack up prices.

The development, which had begun selling units in October 2005, had become a symbol of the booming financial city’s stratospheric real estate prices by selling some units for 100,000 yuan (about US$13,000) per square meter.

“The project encountered strong public criticism because of its high prices from the very beginning. It is suspected of intentionally delaying sales,” the paper quoted a press release from the city government as saying.

“Its sales departments are also suspected of forging sales, speculating and keeping the units for themselves by over-pricing.”

The bureau is also investigating two other real estate projects: Jiahe International Tower, which was found to have delayed sales of 204 suites, and Kingwai City Oasis, which is suspected of forging business information, the paper said.

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