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The Ministry of Commerce has planned to launch an overhaul on urban commercial real estate projects in July to prevent speculative activities in the non-residential housing sector.
Since China has mapped out a package of policies to cool off the overheated residential housing sector, the ministry said that some speculators might turn to commercial real estate projects forquick money.
The overhaul, the first of its kind in China, will be jointly conducted by the ministry, the China Commercial Real Estate Union and the China Federation of Urban Commercial Outlets Construction Administration in Guangdong, Guangxi, Fujian, Shanghai, Jiangsu and Zhejiang.
Inspectors will focus on projects under construction involving a floor area of more than 10,000 square meters, investigate the vacancy rates of commercial buildings, financial status of developers as well as the influence of macro-policies toward the construction and operation of commercial facilities.
They will also hold symposiums with local developers and grass-root market management departments.
A detailed report on existing problems and possible solutions will be submitted directly to the State Council, China's Cabinet.
(Xinhua News Agency June 9, 2005)
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