Confidence in China’s embattled property sector took another hit this month when a major Shanghai developer revealed it had filed a $1.38bn lawsuit against a steel company accusing it of selling plots of land that turned out to be heavily contaminated.
In what could be the largest lawsuit by value in the country’s real estate sector, Lujiazui Corp sued Suzhou Steel Group and four government and research organisations, saying 14 sites in Suzhou have worse pollution than was disclosed.
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