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Shanghai Real Estate Exchange Center launched an online trading system Tuesday, aiming to improve transparency and efficiency in the sector.
The new system requires that developers provide information about their projects for sale, including the number of available apartments, their prices and locations.
Liu Jilai, official of the Shanghai Real Estate Exchange Center, said the system will put a stop to market speculation caused by unbalanced information.
In some cases, developers withhold apartments in order to create shortages in supply. That enables them to drive up property trading prices. And the home buyers, who are unaware of the real sales condition, pay more due to the forged strain.
"It's an administrative move to protect the home buyers' benefits. So it will be carried out by force," Liu said.
All projects on sale should have their information registered at the system by June 1. No developers may bypass the online registration of real estate information, as all property purchases should be authorized by the center.
Certainly, it's unpleasant for the home sellers.
"It's like presenting the developers naked in public," said Qiu Qing, sales manager of a local residential project. "Sometimes, the salespeople use such strategies to sell the property better, not meaning to hurt home buyers."
For instance, to sell unpopular large units first is the common practice in the real estate market. "That won't raise the property's prices," Qiu said.
As the system matures, the center hopes that Shanghai home buyers can directly sign their purchase contracts online.
"Through the Website, the home buyers could realize real-time home purchases," Liu said.
Currently it takes 20 days to finalize documentation in the real estate exchange center.
Shanghai's housing prices have been rising for more than three years. At the end of last year, the city's average housing price was reported at 5,118 yuan (US$617) per square meter, according to the National Bureau of Statistics.
The annual 24.2 percent rise has caused government's concern of a lurking bubble.
It vowed to control the growth rate under 12 percent this year.
(Eastday.com March 31, 2004)
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