China to strengthen property market supervision

China will strengthen housing market supervision to ensure healthy development of the sector, an official statement has said.

A visitor examines a property project model at a real estate expo in Beijing. [Photo/China Daily]

The Ministry of Housing and Urban-Rural Development reported violations of 21 real estate developers, which in hopes of boosting sales, spread rumors, published false information, operated without licenses, or hoarded unsold homes.

The companies will face administrative penalties ranging from business suspensions to fines, with serious cases being transferred to the police.

The ministry said it will continue to act tough on such activities to expel “black sheep” from the market.

It is the latest move by the central government to improve market order in the property sector after irregularities were highlighted when the sector was booming.

The housing market in major cities has shown signs of cooling as a spate of measures were rolled out by local authorities.

Policymakers have called for varied approaches to regulate the property market in the next year, damping speculation and building a long-term housing mechanism.

[gallery link="file" columns="3"]
Go to Source

Free Book: Doing Business in China - Tips and Tracks

China has its own business culture and etiquette.
There are many things that a businessman from West needs to understand if he wants to enter the China market and succeed.

Check Email To Downoad the book

Something went wrong.

You might also like More from author


Build an optin email list in WordPress [Free Software]