China Restricts Pre-sales To Curb Property Prices

From AFP:

China on Tuesday tightened rules on advance sales of new property developments, in the third move of its kind in less than a week aimed at curbing rampant speculation.

The Ministry of Housing and Urban-Rural Development said in a notice on its website that developers cannot receive down payments for unfinished properties without first obtaining government approval.

Once the government gives developers the green light to pre-sell properties, they must publish the prices of each unit in the development within 10 days of receiving approval, the ministry said.

April 20, 2010 2:16 PM
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Categories: Economy