Shanghai is expected to introduce property management laws in the third quarter of this year. The proposed laws, reported to be more comprehensive than the piecemeal regulations already in place, have been submitted to the municipal government for approval. Sources said violators would face fines or other forms of punishment. Current regulations usually govern the management of small housing estates and districts and do not set standards for high-rise commercial buildings and offices. The new laws aim to widen the scope of existing regulations and will also include industrial properties. The need for proper management is pressing as more and more high-rises are completed in the city. Experts say about 2,000 buildings are under construction in Shanghai. They include large-scale, luxury office buildings in prime locations. 'The main aim of the laws is to strengthen property management in Shanghai. The laws will also call for the establishment of owners' committees,' a source said. The source added that Shanghai had already established a foundation in property management although 'there was still a long way to go before reaching international standards'. The city has a fair number of property management companies, both domestic and foreign as well as joint ventures. Many buildings in Shanghai, old and new, are prone to wear and tear as the concept of property management is relatively new to the mainland.