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)