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What are the requirements for pre-selling commercial property?
(01/15/2003)

(1) Property developers must have paid all charges for obtaining the land use right
(2) The land use right must be registered and property developers must obtain property certificates
(3) The construction planning licenses must be obtained
(4) The construction licenses must be obtained
(5) For projects of no more than seven storeys, groundwork construction must be complete and main body contruction and roof sealing must be finished; For projects of eight or more storeys, groundwork construction must be complete and two-thirds of main body construction must be finished (no less than seven storeys)
(6) The date of delivery to buyers must be set and subsidiary public facility construction plans launched
(7) The property developer must have signed a supervisory agreement on pre-selling charges with a Shanghai-registered bank
(8) Property developers must have drawn up a housing-use pact and signed first-stage service contracts with property management companies