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July 21, 2017

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Home » Business » Real Estate

Shanghai buyers’ lottery system

Source: Xinhua | 00:01 UTC+8 July 21, 2017 | Print Edition

SHANGHAI has published a guideline outlining plans for a lottery-like registration system for buyers of new homes.

According to the guideline, purchasing orders must be generated by lottery software provided by authorized notaries in the city, with results published immediately after the draw.

Real estate developers are prohibited from setting up preferential lottery conditions for their staff or contacts, and sales agents of developers are not eligible for the lottery.

Real estate developers must examine the eligibility of home buyers and submit applications to notary organs for inclusion in the lottery at least 10 days ahead of the new program.

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

Fraudulent activity and cheating will be prohibited. Any developer implicated in unauthorized activity will be blacklisted and may face criminal charges.

“With the involvement of notary offices, the lottery system can help protect the rights and interests of home buyers who meet the requirements,” said Yan Yuejin of real estate service provider E-House China. “It can also help crack down on illegal sales in the real estate market to further regulate market transactions.”

Prior to the guideline, some buyers used their connections to guarantee eligibility when purchasing houses, Yan said.

He said the guideline is part of Shanghai’s efforts to implement property market rules and regulations, adding that stricter regulations are expected to follow to maintain stability and sound development of the market.

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