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China Draws Up New Rules in Real Estate Deals
Buyers of real estate in the lucrative but somewhat chaotic Chinese market are expected to benefit from a new housing contract style book recently released by the Ministry of Construction, according to Thursday's Chinadaily.
The new style book, meant to standardize commercial real estate deals, includes altogether 24 articles covering the key points of land and housing transactions.
All real estate developers nationwide are required to use or refer to that style book to make out their own house contracts by the end of this coming November, said an official from the ministry's housing and real estate department.
The growth in recent years of individual purchasing of houses has seen conflicts arise between buyers and developers over the terms of agreements.
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