Property dealers investigated for auction price-fixing

At least 15 real estate traders are under competition authority investigation for reaching cartel agreements at property auctions.

The investigation could involve hundreds of other property dealers, who face action later this year, the NMa said in a statement.
The deals are connected to some 3,000 property auctions between 2000 and 2009 and are said to focus on home owners who were forced to sell their property.
By agreeing on their approach in advance, property dealers were able to buy up buildings at below their market value, the NMa said.

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