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| Housing Sale Irregularities to Be Curbed |
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China's 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 warns that developers who violate the rules could have their licenses revoked. The circular orders local authorities to tighten their supervision of the market, including disclosing real-time sales information on all housing projects on the Internet as well as at the sales office of each project. The circular tightens control over real estate advertisements and exhibitions, and bans developers with bad track records from taking part in exhibitions and promotion activities Property brokers will also feel the pinch. The circular says brokers will be punished for irregularities such as charging customers for taking them to unavailable houses. (Xinhua News Agency July 11, 2006) |
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