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January 25, 2010

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Nanning bans presales

SOUTH China's Guangxi Zhuang Autonomous Region plans to ban the sale of uncompleted commercial residential buildings in the capital city, Nanning, this year to "regulate the order of real estate market," local officials said yesterday.

The existing presale system allows developers to sell residential houses before construction is finished.

The reform would make Nanning China's first city to ban the presale of commercial residential houses.

Song Jidong, a senior official of the regional housing and urban-rural development department, said specific policies were still being formulated.

China introduced the presale system in 1995 amid efforts to increase home supply to curb market speculation.


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