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Land, housing authorities warn buyers
By Cherry Cao |
July 24, 2012, Tuesday
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Print Edition
Print Edition
HOMEBUYERS should always refer to official documents such as government approvals for land development and construction or property presale permits to determine whether a real estate project is residential or commercial, Shanghai's housing and land authorities said yesterday.
Some real estate developers and brokerage companies have used misleading phrasing in their advertisements to lure buyers to enter a purchase agreement, the authorities said in a statement.
It said buyers should avoid making a wrong judgement on the nature of a property by simply reading misleading adverts.
The statement said hotel-style apartments, often used in misleading phrases to lure buyers, belong to residential properties and are subject to current home-purchase restrictions.
Apartment-style hotels and apartment-style offices are commercial properties with an allowed ownership of 40 or 50 years and are therefore not subject to property curbs, the statement added.
Some real estate developers and brokerage companies have used misleading phrasing in their advertisements to lure buyers to enter a purchase agreement, the authorities said in a statement.
It said buyers should avoid making a wrong judgement on the nature of a property by simply reading misleading adverts.
The statement said hotel-style apartments, often used in misleading phrases to lure buyers, belong to residential properties and are subject to current home-purchase restrictions.
Apartment-style hotels and apartment-style offices are commercial properties with an allowed ownership of 40 or 50 years and are therefore not subject to property curbs, the statement added.
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