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 | Thursday, April 20, 2000, updated at 10:39(GMT+8) | ||||||||||||
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China to Allow House Developers Going PublicChina has abolished a six-year ban on house developers issuing stocks to the public, according to official sources from the Ministry of Construction.The sources said the aim of the new policy is to support China' s housing reform and encourage large house developers investing in the construction of houses for rent, which usually takes longer time to recover investment. China banned housing development enterprises from going public six years ago to check feverish speculations in the sector. The sources said the new policy was proposed by the ministry and approved last July by the State Council on trial basis. He added that more than 20 house developers nationwide have applied to the ministry for initial public offerings, while the ministry plans to approve three of them this year on an experimental base. The ministry requires that housing developers spend no less than 70 percent of the funds raised through the issuance of stocks on housing development, the sources said.
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