Shanghai demands lottery for purchases of new commercial homes

Source: Xinhua | 11:53 UTC+8 July 20, 2017 |

Online Edition

SHANGHAI has published a new property market guideline, outlining plans for all buyers of commercial houses to apply to a lottery-like registration system to purchase new homes.

According to the guideline, purchasing orders must be generated by lottery software provided by authorized notary organs in Shanghai. The results should be publicized immediately after the draw.

Real estate developers are prohibited from setting up beneficial lottery conditions for their staff or those connected to them, and sales agents of the developers are not eligible for the lottery.

Real estate developers must examine the eligibility of home buyers and submit applications to Shanghai's notary organs for inclusion in the lottery at least ten days ahead of a new program.

The list of all eligible buyers and houses as well as the lottery results must be published and notarized.

Any fraudulent activity or cheating will be strictly prohibited. Any developers implicated in underhand activity will be blacklisted and may face criminal charges.

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Shanghai demands lottery for purchases of new commercial homes

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