China Regulates Real Estate MarketChinese Ministry of Construction (CMC) Friday issued a set of rules to regulate the sale of housing built by real estate developers.The rules also aim at protecting the rights and interests of consumers. Expenditure on real estate is one of the biggest forms of consumption by Chinese people nowadays. Due to the fierce competition and lack of effective regulations, consumer's interests have been hurt on occasions in the past. The newly-issued rules stipulate that developers should be fully responsible for the houses for a certain period and agents should be honest with the selling contracts. The rules prohibits fake advertising and the cheating of consumers by providing houses that are smaller in area than what has been paid for. According to a top official with the CMC, the rules will be enacted on June 1. |
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