Lucky draw to determine home ownership in Shanghai

Updated 2017-05-05 15:01:29 Ecns.cn

(ECNS) -- Buyers in Shanghai who hope to secure a commodity apartment in the city's new commercial housing projects will be decided by a lucky draw organized by a notary office, according to a new rule to further cool the real estate market.

The rule, issued by the city's housing and urban-rural development administration late Thursday, also require implementation of a real-name registration mechanism. Payments should be made by home buyers in accordance with stipulated prices, and no extra fees are allowed to be charged under any cover, it added.

Developers, sales agents, brokerage firms and administrative staff members are forbidden from scalping housing purchase permits.

Developers violating the rules will receive punishments, including suspension of their qualifications for signing contracts online, having their developing qualifications downgraded or revoked, being placed on a blacklist, and being brought to justice.

The administration will also regulate the real estate brokerage market.

The city will further improve supervision measures in market access, industry norms, and business activities, and set up a self-discipline mechanism covering all companies, outlets and employees that will integrate with social organizations and industry associations.

By the end of April, Shanghai authorities had revoked or canceled 1,500 real estate broker business licenses and qualifications for signing online contracts. Another 156 suspected of violating rules had their qualifications to sign contracts online suspended, of which 40 were being investigated for signing false ones.

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