The Chinese Ministry of Construction inaugurated an on-line credit
file system in Beijing on Thursday, which will provide credit
information on all real estate companies, agencies and their
practitioners.
The establishment of the credit system will urge housing developers
and agencies to operate legally and honestly, and all those who
deal dishonestly with consumers will be exposed on the Internet
through the system, said Vice-Minister of Construction Liu
Zhifeng.
Jin Yiping, assistant consultant for the department of housing and
real estate of the construction ministry, said the credit file
system includes records on all housing companies, agencies,
property management businesses and professional practitioners,
including real estate appraisers, brokers and their assistants.
Individuals can now research real estate firms on the Internet to
evaluate the credit-worthiness of the real estate firm, said
Jin.
Liu Ximo, board chairman and general manager of Beijing Tianhong
Group, a major state-owned real estate developer, said that
operating with a solid credit record is essential for the Chinese
real estate market.
He
added that the newly-established credit file system will expose all
real estate developers with histories of illegal operations, and
also promote those who have solid and clean records.
China's housing and real estate industry have been boosted by
reforms in recent years, however, illegal operations have occurred
in the process. Consumer complaints with respect to illegal
operation on the part of housing developers and agencies, false
advertising and irresponsible property management have increased in
recent years.
With the establishment of the credit file system, Chinese real
estate appraisal firms are expected to compete to improve their
credit and service levels so as to be well-accepted by the market,
Yang Guocheng, chairman of the board of Shanghai Real
Estate Appraisers Co., Ltd.
(Xinhua News
Agency September 26, 2002)