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Online Real Estate Credit File System Established
The Chinese Ministry of Construction inaugurated an online credit file system in Beijing on Thursday, which will provide credit information on all real estate companies, agencies and their practitioners.

The establishment of the credit system will urge housing developers and agencies to operate legally and honestly, and all those who deal dishonestly with consumers will be exposed on the Internet through the system, said Vice-Minister of Construction Liu Zhifeng.

Jin Yiping, assistant consultant for the department of housing and real estate of the construction ministry, said the credit file system includes records on all housing companies, agencies, property management businesses and professional practitioners, including real estate appraisers, brokers and their assistants.

Individuals can now research real estate firms on the Internet to evaluate the credit-worthiness of the real estate firm, said Jin.

Liu Ximo, board chairman and general manager of Beijing Tianhong Group, a major state-owned real estate developer, said that operating with a solid credit record is essential for the Chinese real estate market.

He added that the newly-established credit file system will expose all real estate developers with histories of illegal operations, and also promote those who have solid and clean records.

China's housing and real estate industry have been boosted by reforms in recent years, however, illegal operations have occurred in the process. Consumer complaints with respect to illegal operation on the part of housing developers and agencies, false advertising and irresponsible property management have increased in recent years.

With the establishment of the credit file system, Chinese real estate appraisal firms are expected to compete to improve their credit and service levels so as to be well-accepted by the market, Yang Guocheng, chairman of the board of Shanghai Real Estate Appraisers Co., Ltd.

(Xinhua News Agency September 27, 2002)

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