Mar 01, 2024 05:54 AM

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China Should Stop Housing Presale to Reduce Risks, Lawmaker Says

By Wang Jing and Han Wei

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Introduced in 1994, the presale system allows developers to sell properties before completion

Introduced in 1994, the presale system allows developers to sell properties before completion

A Chinese lawmaker said the country should scrap the practice of allowing real estate developers to sell unfinished housing projects, to safeguard homebuyers and reduce risks within the property market.

Zhu Zhengfu, a delegate to the National People’s Congress (NPC) said he will propose abolishing the housing presale system at the annual gathering of the top legislative body next week.

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