Ever since China opened up to the world in 1980's, the Shanghai Municipal Government, led by the Communist Party of China and the State Council, makes great effort to build the city into an international economic, financial, trade and shipping center. With the cooperation and hardwork of Shanghai people, the city is progressing to its goal as a global metropolitan. The new team of leaders of the Shanghai government took office in February 2003. "The power of the government is entrusted by the people; the interest of people is above all," as Shanghai Mayor Han Zheng promise in his inaugural. Guided by the Shanghai Party Committee, the city's new leadership vows to strictly perform its official duties; to make significant progress in self-improvement, and to intensify the shift of its role from administrative to public service. The Shanghai government will build itself into a service government that would share with the people all their happiness and troubles; a solid responsible government that is efficient, honest and diligent; a law-abiding government that respects legal system and rules strictly and impartially.

Transparent transaction is practiced to check speculation, and real estate trading information publicized online is set up in Shanghai

07/07/2004

Shanghai will publicize information on all of its newly constructed commercial housing online so as to check speculation of housing. It is said from the Municipal Housing Land Resources Bureau on April 1st that information on newly constructed commercial housing which have got presale and sale permits must be publicized online. The newly operated "registration system of putting on record real estate online" will make commercial housing trade more transparent.

On March 24th of this year, Shanghai Municipal Government endorsed "Methods on Putting on Record and Registering Commercial Housing Sale Contract Online in Shanghai", in which, it is regulated that for all commercial housing publicized online to be marketable, if house buyers demand to buy, real estate developers must not turn them down. If developers have reached an earnest money contract (reservation contract)with house buyers, they have to put on record online this information.

House prices will not be much affected

After transaction information is made public, nonstandard speculation behavior will be checked to some extent, but will house price be lowered? An expert from Real Estate Study Center of Shanghai Social Academy believe that putting on record and registering online is a measure to normalize commercial housing sale in Shanghai, which won't have much influence on house prices; house prices are affected mainly by market supply and demand relation. He predicted that market relation will be supply is bigger than demand because large number of housing will be put into market between the latter half of this year and the beginning of next year.

Transparent information will bring more benefits to house buyers. According to Shanghai Housing Agent Company(Ehouse.com), in previous housing trade, house buyers were in "disadvantaged" status, who could not validate all kinds of information provided from real estate developers; but now, they can inquire housing information through the third party, which helps a lot for decision-making of house buyers. Meanwhile, "transparent sale" is also a major test on credit of real estate developers, which is helpful for real estate market of shanghai to tend to be rational.

People should still be on guard against housing presale in disguised form

Since precondition for housing information publicized online is that the commercial housing projects have got presale and sale permits, house buyers must keep guard against those projects which have done "inner reservation" without getting any permit.

The Municipal Housing Land Resources Bureau reiterated that those pre-selling commercial housing in such disguised form as booking, subscribing, and ordering without commercial housing presale permit will be considered as illegal presale. To avoid unnecessary contract disputes, the Municipal Housing Land Resources Bureau reminds consumers not to purchase commercial housing without a presale permit so as to protect their own rights and interest.

Information can be inquired on the three websites

House buyers can go onto the following websites for information:

http://www.fangdi.com.cn

http://www.realestate.sh.cn

http://www.shfdz.gov.cn

 
The Shanghai government 2006