China Tightens Supervision of Real Estate Projects by New Policies in Many Places

Recently, many places have introduced relevant policies to strengthen the supervision of pre-sale funds of real estate projects.

Fujian made it clear that real estate development companies shall not require house purchase funds to be deposited into non-supervised accounts, and "extracorporeal circulation" of pre-sale funds is strictly prohibited.

In addition to Fujian, Suqian in Jiangsu, Xuchang in Henan, Nanning in Guangxi and other places have recently introduced relevant policies to strengthen the supervision of pre-sale funds for real estate projects.

Among them, the Housing and Urban-Rural Development Bureau of Nanning City requires that real estate development companies use Nanning POS machines dedicated to the supervision of commercial housing pre-sale funds in the project marketing centre to ensure that the purchase funds for commercial housing are deposited in the fund supervision account in a safe and timely manner.

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