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New rule on housing prices
By Cao Qian |
May 17, 2011, Tuesday
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Print Edition
Print Edition
REAL estate developers, as well as realty agencies engaged in the existing property market, should disclose to the public not only their asking prices but also prices of property units in the same building or at the same project that have already been sold, according to a statement released yesterday by the city's planning body.
The new regulation, posted on the website of the Shanghai Municipal Development and Reform Commission, came after a notice issued by the National Development and Reform Commission in March which aimed to curb irregularities such as random pricing and price fixing during property sales.
The NDRC notice became effective this month.
"It is the first time that developers have been required to inform the public of the price of sold properties, and it is also the first time that existing property sales have been covered by the same rule," said Sky Xue, an analyst at China Real Estate Information Corp.
"It is definitely good news for home buyers as they will help improve the transparency of property pricing and therefore prevent random price increases and price cheating."
Under the new rule, prices of properties whose ownership registration has been completed online, which means that its purchase deal has been officially completed in the city, should be disclosed clearly at their sales office.
"The latest effort by the local government will give buyers access to more transparent price information and help create a more healthy market environment for the city's real estate industry," said Eric Luo, an analyst at Century 21 China Real Estate.
Units that have received regulatory approval to sell should be released to the market in one batch within a certain period of time and at prices that meet strictly with their earlier proposals to the local watchdog.
The new regulation, posted on the website of the Shanghai Municipal Development and Reform Commission, came after a notice issued by the National Development and Reform Commission in March which aimed to curb irregularities such as random pricing and price fixing during property sales.
The NDRC notice became effective this month.
"It is the first time that developers have been required to inform the public of the price of sold properties, and it is also the first time that existing property sales have been covered by the same rule," said Sky Xue, an analyst at China Real Estate Information Corp.
"It is definitely good news for home buyers as they will help improve the transparency of property pricing and therefore prevent random price increases and price cheating."
Under the new rule, prices of properties whose ownership registration has been completed online, which means that its purchase deal has been officially completed in the city, should be disclosed clearly at their sales office.
"The latest effort by the local government will give buyers access to more transparent price information and help create a more healthy market environment for the city's real estate industry," said Eric Luo, an analyst at Century 21 China Real Estate.
Units that have received regulatory approval to sell should be released to the market in one batch within a certain period of time and at prices that meet strictly with their earlier proposals to the local watchdog.
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