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'Time to change' housing presale system

By Wang Ying  (China Daily)

13:24, August 28, 2012

Shandong province is considering making newly built residential properties available for spot sale, while improving the housing presale system, widely used across the country.

"All cities should improve housing presale management and pick eligible commercial housing projects for spot sales," said Xia Geng, Shandong vice-governor, said at a recent meeting on property market.

Xia's words are viewed as being in line with the central government's call for stricter control of the property market, but some micro-bloggers want the nation to say "no" to the 18-year-old presale system altogether.

"It's urgent to cancel the housing presale system, and not to give anything to the property developers before their houses are completed," one netizen wrote.

According to Xia, the province has been instructed to improve housing presale capital regulations, and those residential projects that don't follow presale capital supervision will not be allowed to start presales.

Xia said a property market supervision group under the State Council, which paid a visit to Shandong from July 25 to 28, stressed the need to improve the province's presale capital supervision system.

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