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Developers may face ratings scrutiny
By Cherry Cao |
August 11, 2011, Thursday
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Print Edition
Print Edition
DEVELOPERS will have their licences revoked or ratings downgraded if they are found guilty of illegal practices, according to a draft regulation posted yesterday on China's State Council's website.
The draft proposal, which will be open for public feedback till September 10, has suggested that developers who are discovered to have been carrying out illegal practices over the past three years, such as hoarding land parcels, changing plot ratios without receiving government approval and shelving sales plans deliberately in a bid to earn extra profits, will be banned from applying for a rating upgrade.
They can be fined between 10,000 yuan and 30,000 yuan (US$1,557-US$4,672), according to the draft.
Real estate developers will be categorized into four grades based on several requirements, including the size of their registered capital, how long they have been involved in the industry and their real estate portfolio.
The draft proposal, which will be open for public feedback till September 10, has suggested that developers who are discovered to have been carrying out illegal practices over the past three years, such as hoarding land parcels, changing plot ratios without receiving government approval and shelving sales plans deliberately in a bid to earn extra profits, will be banned from applying for a rating upgrade.
They can be fined between 10,000 yuan and 30,000 yuan (US$1,557-US$4,672), according to the draft.
Real estate developers will be categorized into four grades based on several requirements, including the size of their registered capital, how long they have been involved in the industry and their real estate portfolio.
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