China to Introduce New Rule to Guide Real Estate

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Last updated at: (Beijing Time) Friday, June 20, 2003

China to Introduce New Rule to Guide Real Estate

A new regulation that helps clarify the rights and obligations of real estate developers and property management companies is expected to come into force in September, reported Friday's China Daily.

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A new regulation that helps clarify the rights and obligations of real estate developers and property management companies is expected to come into force in September, reported Friday's China Daily.

Issued by the State Council, the property management regulationwill help the landlord solve business disputes and legal problems when the quality of a residential asset is questioned.

According to the regulation, any behavior that runs counter to the interests of the residents will be harshly punished. And the property management company must make a thorough examination of public facilities before taking control of the property.

Either the proprietor or the property management company has the right to change the function of public construction and facilities, said the English-language newspaper.

The regulation has also strengthened the supervision right of the proprietor by stating that at least two-thirds of the proprietors can decide to employ or dismiss a property management company.

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