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China to Introduce Regulations for "Economy Houses"
China is drafting regulations for the construction and sale of economy houses, which with low prices and good quality, are in demand on the real estate market.
New regulations will specify the income range within which home buyers are allowed to buy these houses. Related purchasing procedures and re-selling methods will also be included.
China introduced economy houses in 1998 as a way to stimulate purchasing by the majority of residents in a sluggish real estate market.
Prices for economy houses are much lower than commercial houses as the government provides subsidies and favorable policies.
However, at present, China has no specific regulations on the re-selling of such houses. "The sales price of economy houses will not be one-hundred-percent determined by market demand like
commercial houses", said an official from the Ministry of Construction.
He urged domestic real estate developers to ensure the quality of economy houses and avoid constructing more houses than necessary.
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