On Wednesday, the Beijing Municipal Commission of Housing and Urban-rural Development issued a notice to further regulate the capital’s property sector, especially the pre-owned homes.
Beijing announced new measures to regulate the city’s pre-owned real estate market. All pre-owned properties in the capital’s 11 pilot districts have to be closely checked by housing administrative departments before they are numbered and traded. Without going through such a process, agents are not allowed to release any information about those properties.
Li Wenjie, director of Beijing Real Estate Agent Association, said:"Customers can gain more knowledge about the pre-owned homes and and judge the authenticity of those homes. The rules will be very helpful to regulate the activities of pre-owned home agents."
In addition, at least four commercial banks will be selected to manage the trading capital of home purchases. Industry insiders say this will ensure the transaction process will happen swiftly and protect the interests of buyers and sellers.
Hu Jinghui, vice president of BA Consulting & 5I5J Group, said:"The rule will guarantee that homebuyers can get property certificates and sellers can receive the money. That will reduce potential trading risks."
One pre-owned property can be only commissioned to one agent. That is also the message delivered by Beijing’s housing authority. Experts say the regulation will help avoid vicious competition in the market and push agents to improve their services.
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