A real estate inspection storm has swept China leading to new punishments and bans on market access for misleading real estate advertisements, China Securities Journal reported.
The Ministry of Housing and Development and the National Development and Reform Commission has jointly issued a program governing housing sales, which focuses on Beijing, Nanjing, Suzhou, Hangzhou, Jiaxing, Hefei, Jinan, Qingdao, Zhengzhou, Changsha, Guangzhou, Foshan, Haikou, Sanya and Xi’an.
According to the official in charge, the inspection is no longer a local level self-examination, but a collaboration by relevant provinces and national level inspectors.
“This is the first inspection carried out across provinces.” said Kang Junliang, secretary general of the Legal Profession Committee of China Real Estate Association. The inter-provincial inspection is intended to reduce the risk of breaches and avoid unnecessary influence or interference with the inspection.
“Hefei recently cleared all exaggerated real estate outdoor advertising, and even requested illegal parties to delete all online publicity,” a real estate manager in Hefei told China Securities Journal.
Meng Wei, deputy director and spokesman of the National Development and Reform Commission, said that from October 30 to November 30 this year, the NDRC will carry out inspections on sales price behaviour in commercial housing. “Relevant departments will make serious moves according to law with the problems found in the inspection,” Meng said.