Authorities in Shenzhen will fine more than 300 people who falsified documents and concealed assets when applying for government-subsidized apartments reserved for low-income families, the South China Morning Post reported, citing state media. According to city regulations, applicants cannot have more than US$49,000 in assets to qualify for the program, but many had actual assets in excess of US$150,000. This is the third announcement in two months of penalties related to subsidized-housing fraud by wealthier Shenzhen residents. Some have pointed out that the penalty – a US$770 fine and a three-year ban on applications – is an insufficient deterrent. The new regulations that will come into effect, after approval by the provincial people’s congress, will disqualify fraudulent applicants for life and fines will start at US$154,000.