China tightens rules on pre-payments for new properties

BEIJING: China has ordered property developers not to accept pre-payment for uncompleted homes without official approval, the latest in a series of moves aimed at quelling the red-hot real-estate sector, state media reported.

The rule on pre-payment was published in a circular from the Ministry of Housing and Urban-Rural Development, Xinhua news agency reported late on Monday (April 19).

The ministry added that the government will strictly punish developers who deliberately raise house prices by delaying the proposed sales dates.

Chinese shares tumbled nearly 5% on Monday after Beijing stepped up its campaign to rein in soaring housing prices, with the government making mortgages harder to obtain. – Reuters
Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.