CHINA / National

Housing sale irregularities to be curbed
(China Daily)
Updated: 2006-07-11 06:17

The Ministry of Construction, the National Development and Reform Commission and the State Administration for Industry and Commerce have issued a joint circular calling for a crackdown on irregular practices in real estate sales.

The circular, issued yesterday in Beijing, warns that developers who violate the rules might have their licences revoked.

It orders local authorities to tighten their supervision over the market, including disclosing real-time sales information on all housing projects on the Internet as well as at the sales offices of each project.

The circular tightens controls over real estate advertisements and exhibitions, banning developers with bad records from taking part in shows and promotional activities

Property brokers will also feel the pinch. The circular says brokers will be punished for irregularities such as charging customers who are taken to houses that turn out to be unavailable.

(China Daily 07/11/2006 page2)