Soho China Units Fined for Gouging Tenants on Electricity Prices

What’s new: Real estate firm Soho China’s property management affiliates have been fined a total of 115 million yuan ($18 million) for charging extra electricity fees to clients, according to the market regulator of Beijing municipality.

The 15 units of Soho China in the Chinese capital provide property management services for commercial buildings developed by Soho. In Monday statements, the regulator blamed the affiliate companies for illegally charging additional fees for electricity on top of the average fee that power companies charge, ordering them to refund the extra fees to users.