Housing sale irregularities to be curbed
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
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)