China’s New Controls On Property Developers: Report

From AFP

China is drawing up a new curb on property developers as part of a host of measures to cool the country’s red-hot property market, the state-controlled China Securities Journal reported Thursday.

The plan would ban developers from investing revenue from pre-sales of uncompleted property developments in new projects, the journal said, citing an unnamed source close to the Ministry of Housing and Urban-Rural Development.

Developers will be required to deposit the income from such advance sales of uncompleted projects into a special account monitored by the government and will only be able to use the money to pay contractors.

May 6, 2010 1:14 AM
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Categories: Economy