Official investigated for property speculation   

杭州检方称房管局副局长张新存在“炒房”嫌疑

原杭州住房和保障管理局副局长张新利用职务受贿，该案已被移送至杭州检察院，成为该市继原杭州副市长许迈永案之后最受关注的大案。浙江“两会”期间，浙江省人大代表、杭州检察院检察长吴春莲向记者透露，目前已经查实张新在担任建委房地产开发处处长期间，存在低买高卖炒房行为。

Hangzhou (CNS) -- Zhang Xin, former deputy director of Hangzhou's housing administration bureau, is under investigation for property speculation, according to Wu Chunlian, of the People's Procuratorate of Hangzhou, on Thursday.

Zhang is suspected of abusing his power while he was head of the development division of the local construction commission, Wu said, adding that the total amount of money involved is still unknown.

Zhang was reportedly suspended last December and rumored to have more than 20 houses worth 100 million yuan.

Xu Maiyong, Hangzhou's former vice mayor, was convicted of bribery, embezzlement and abuse of power in 2011.