BEIJING, Aug. 28 (Xinhua) -- China will steadily advance reforms to its commercial housing sales system and accelerate efforts to foster a new development model for its real estate sector, according to a recent circular jointly issued by three government departments.
The circular calls on local authorities to regulate presale conditions for commercial housing and strengthen supervision of presale funds to ensure the safety of such funds, effectively guard against housing delivery risks, and protect the legitimate rights and interests of homebuyers.
For commercial housing projects offered for presale, the main structure of each building should be topped out, the circular notes.
For commercial housing projects that had obtained construction project planning permits before the circular took effect and are offered for presale, existing policies and regulations will continue to apply to presale conditions and the supervision of presale funds.
The circular also urges local authorities to advance the sale of completed new homes in an effective and orderly manner, so as to realize the goal of "what you see is what you get" and reduce disputes over housing delivery.
Meanwhile, local authorities should improve supporting policies concerning land supply and financial support for commercial housing projects, optimize the management of project development and construction, sales and real estate registration, and promote the issuance of real property ownership certificates upon housing delivery, the circular reads.
The circular was released by the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources and the National Financial Regulatory Administration (NFRA).
To support reforms of the commercial housing sales system, the People's Bank of China and the NFRA on the same day issued a separate guideline on improving real estate credit management.
The guideline extends development loan terms to better meet funding needs, with maximum periods of five years for presale projects and seven years for completed new home sales and commercial property projects.
To protect homebuyers' legitimate rights and interests, the guideline stipulates that personal housing loans for completed new homes should be issued after sales registration, while those for presale homes should be issued only after project completion is registered.
In addition, the maximum term of personal housing loans is raised from 30 years to 40 years, according to the guideline. Enditem
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