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Shanghai strengthens property regualtion

09-03-2010 09:28 BJT

The Shanghai Municipal government is taking tougher steps, to stop residential developers from hoarding property.

It issued a statement Thursday, requiring relevant departments to reinforce market supervision, strengthen sales license management, and regulate commercial housing pre-booking and sales. The statement says projects under 30 thousand square meters should be on the market in one go.

Developers are prohibited from charging for pre-bookings, issuing VIP cards, or taking deposits. The move adds to existing tightening measures on the property market, to curb high prices.

Editor:Xiong Qu |Source: CNTV.CN

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