Real estate developers and agencies are required to publish the price for every new or second-hand property for sale from May 1st, under a new government regulation.
The National Development and Reform Commission said in a statement that property developers should publish all information about the property, and stipulate fees and other factors that will add to the sale price. The measure is in response to information non-transparency and price fraud.
Pre-sale property management items, service standards, fees and complaint hotline should also be disclosed if the property developers have chosen a property management company as partner.
Property developers and agencies that receive approval to conduct pre-sales will have to publish prices for individual units and state the number of apartments available within a certain time frame, the statement said.
The new rules stipulate that transgressors will face severe punishment. In serious cases, developers will be exposed to the public.
The National Development and Reform Commission said in a statement that property developers should publish all information about the property, and stipulate fees and other factors that will add to the sale price. The measure is in response to information non-transparency and price fraud.
Pre-sale property management items, service standards, fees and complaint hotline should also be disclosed if the property developers have chosen a property management company as partner.
Property developers and agencies that receive approval to conduct pre-sales will have to publish prices for individual units and state the number of apartments available within a certain time frame, the statement said.
The new rules stipulate that transgressors will face severe punishment. In serious cases, developers will be exposed to the public.
