China Raises Threshold for New-Home Presales Under New National Standard
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China will require real estate developers to finish the main structures of residential buildings before selling them off-plan, tightening oversight of a funding model that contributed to the country’s property crisis.
New rules issued Friday by three government bodies, including the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources and the National Financial Regulatory Administration, mandate that developers top out buildings before initiating presales. The guidelines also prioritize the sale of fully completed, move-in-ready homes for all newly auctioned land parcels.
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