Authorities secure higher regulation of Chinese property

The Chinese property market is set to become more safely monitored for investors as new measures have been announced to crack down on any irregular practices in the sector.

A joint circular has been issued among the ministry of construction, the national development and reform commission and the state administration for industry and commerce in the country regarding the methods used in all real estate sales.

The paper was circulated last week in Beijing and warns any Chinese property developers that engage in irregular procedures that their licences could be revoked.

There is also set to be a higher degree of overall supervision of the market, China Daily reports.

Local authorities have been given new instructions to heighten their monitoring of the market, by taking steps such as disclosing all sales information on housing projects.

Real estate shows, exhibitions and advertisements will also be made more secure, as developers with bad records will be banned from taking part in any property showcases or promotional activities.

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