Ten Hubei Agencies Coordinate Regulatory Mechanisms to Get Tough on Housing Market Misdeeds
Yicai Global
/SOURCE : Yicai
Ten Hubei Agencies Coordinate Regulatory Mechanisms to Get Tough on Housing Market Misdeeds

(Yicai Global) May 17 -- Ten government agencies in east-central Hubei province have issued a joint declaration that they will coordinate their regulation to police developers and real estate agents.

 The initiative seeks to quell legal and regulatory violations, Xinhua News Agency reported today.

 Agencies for housing and urban-rural development, publicity, education and public security will deal sternly with developers that publish fake listings and advertisements, fabricate or spread price-rise information to drive up home prices, sell commodity housing without obtaining pre-sale licenses, collect deposits or advances from buyers, apply for pre-sale licenses with plans showing well-decorated apartments, but sell unfurnished homes to consumers to skirt regulation and lure buyers, the report said.

 Real estate agents that post false listings and prices to attract customers, fabricate or spread price-rise information and profit from the difference between the sales and purchase prices of homes will also come under investigation.

 The circular also urges the establishment of a coordinated regulatory mechanism, further action against irregularities and illegalities and inspection of developments currently on sale, as well as real estate agencies.

 

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Keywords: REAL ESTATE , PROPERTY , REGULATION , Hubei