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May 18, 2017

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Home » Business » Real Estate

Housing market to be cleaned up

By Cherry Cao | 00:01 UTC+8 May 18, 2017 | Print Edition

SHANGHAI has launched a citywide clean-up and rectification campaign on some commercial-title apartment projects in its latest bid to crack down on irregularities in the city’s overheated property market.

Nearly 17 million square meters of such developments, which were built on land plots designated for commercial use but designed and constructed to cater to residential needs, are required to rectify the situation, the city government said yesterday.

Developers of such projects would often alter the architectural structure of the building, build independent toilets and install gas pipes to make the project more “livable” but such renovations are not allowed in commercial developments.

Real estate developers will be responsible for the rectification and different approaches will be taken in different cases, the government said.

About 12 million square meters of projects have yet to be delivered to buyers, and their developers should correct any violation of rules during the construction process. They will not be able to proceed with their construction and sales until they pass inspections conducted by local property authorities.

About 5 million square meters of projects already have residents, and their information will be registered in the city’s official real estate trading system. If an owner is already using the apartment to live in, the developer of the project and the owner should be jointly responsible for the rectification. Those who fail to rectify as required by the government may not be able to sell their properties in the future.

The city government also said it will suspend approval for any new commercial-title apartment projects.

The rectification campaign on commercial-title apartment projects is a key step to regulate the city’s real estate market, Mayor Ying Yong said.

 

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