Housing presells to be tightened

Policies to tighten China's property market have not eased. The Ministry of Housing and Urban-rural Constructiont says it will strengthen the supervision of the market and improve the property pre-sell system. It will also punish hoarding more seriously.

The regulator says the developers cannot ask home buyers to pay deposits in any form for the properties without presell certificates. Developers should begin to sell all the units within 10 days after obtaining presell permission. They must sell the properties at the exact price in the presell plan reported to the local regulators. And developers are not allowed to change the name of the buyer after the contract is signed.