Aug 12, 2015 03:40 PM

How Disgraced Military Official Led Murky Property Development

By staff reporters Zhou Wei and Wang Heyan

The Diaoyutai No. 7 residential development in Beijing's Haidian District on August 11

(Beijing) – The Diaoyutai No. 7 property development on the northern bank of picturesque Yuyuantan Lake in Beijing's northwestern district of Haidian became known as the most expensive residential areas in the capital after one home there reportedly sold for 300,000 yuan per square meter in 2011.

Even now properties in the development still sell for 150,000 yuan per square meter amid a slump in the property market.