Quick Take: Regulators Eye Illegal Price-Setting in Property Market
(Beijing) — Chinese regulators will increase scrutiny over home price-setting in a nationwide inspection, signaling that policies to curb speculation in the real estate market will continue.
The announcement of the greater oversight came a day after the conclusion of a twice-a-decade national party congress, which sets the tone for the country’s development.
The inspection will take aim at fraudulent price-setting by real estate developers and agencies, in a bid to prevent them from providing false or misleading information to homebuyers, according to a joint statement from the National Development and Reform Commission and the Ministry of Housing and Urban-Rural Development.
The statement is in line with housing-market guidelines announced last week at the 19th National Party Congress, and is the first regulatory action following the important political event, said Yan Yuejin, research director of E-House China, a real estate consultancy.
“Homes are for living, not for speculating on,” said Xi Jinping, who received another five-year term as head of the ruling Communist Party at the close of the congress. His statement echoed the regulatory bodies’ rhetoric in their bid to contain rampant speculation in the market.
The inspection — which will be carried out from Monday through Nov. 30 — will “punish those who violate the spirit of the guidelines in the market for new and existing home sales,” Yan added.
The check will also seek to uncover deliberate delays or suspensions of home sales that some developers employ when they expect a rebound in property prices, which have been subdued due to a raft of policies over the last few months.
Contact reporter Pan Che (firstname.lastname@example.org)
Jul 13 19:13
Jul 13 18:03
Jul 13 16:34
Jul 13 13:57
Jul 13 12:49
Jul 10 19:00
Jul 10 18:54
Jul 10 17:22
Jul 10 16:31
Jul 10 13:03
Jul 09 19:19
Jul 09 19:10
- 1For Electric-Vehicle Maker Nio, Government Tie-Up Has Its Benefits
- 2Tencent’s PUBG Mobile Game Hits $3 Billion Milestone
- 3Zoom Investment Grew From Li Ka-shing’s Disgust at Pricey Video Gear, Says His Tech-Savvy Companion
- 4In Depth: CATL Loses Electric-Car Battery Crown as Foreign Firms Muscle In
- 5Trending in China: Outrage Ensues as Updated U.S. Student Visa Policies Force International Students into a Dilemma
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas