Guangdong sets out housing sale rules

PUBLISHED : Wednesday, 09 April, 1997, 12:00am
UPDATED : Wednesday, 09 April, 1997, 12:00am
 

Guangdong province has promulgated a set of rules to standardise the performance of newly-built houses and apartments in urban areas once they are put up for sale on the open market.


Xinhua (the New China News Agency) quoted local officials as saying that the rules, which went into effect on March 1, stipulate that the listed price of a house or an apartment on the open market will cover the total spent on building, taxes and allow for a reasonable profit.


Collection of extra fees beyond the listed price will be in violation of the rules and collectors will be punished by local price-control departments.


The rules also include guidelines for dealing with contraventions such as when the floor space detailed on a contract is not the same as in reality.


Meanwhile, Chinese officials said 100 real estate developers had been closed in Xian, in northwestern China, for operating illegitimate businesses.


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