China will crack down on misconduct by real estate developers: Xinhua

China will crack down on misconduct by real estate developers: Xinhua

BEIJING: China’s housing ministry stated it will crack upon nine kinds of misconduct by property developers, the official Xinhua news agency reported on Friday. The Ministry of Housing and Urban-Rural Development outlined nine irregular business activities by property developers through a teleconference on Friday.

The targeted misconduct includes false inventing, advertising and spreading rumors, carrying out presales without certificates, withholding unsold apartments and illegally charging deposits for house purchases, Xinhua said through its official weibo account.

Punishment for violators will depend on the severity of the infractions, and may include measures such as public renouncement and blacklisting.Companies suspected of breaking the law is going to be reported to the police, the ministry was quoted as saying.

Overheating in China’s property market recently has turned into a serious concern for policymakers. More than 20 cities have adopted restrictive policies to avoid speculative buying that could further fuel price bubbles. ( Editing by Richard Borsuk)

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