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Government and Policy

Nanning to ban presale of houses in the air

(Xinhua)
Updated: 2010-01-24 21:56
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NANNING: South China's Guangxi Zhuang Autonomous Region plans to pilot banning the sale of uncompleted commercial residential buildings in the capital city Nanning this year to "regulate the order of real estate market", local officials said Sunday.

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The existing presale system allows developers to sell residential houses prior to the completion of construction.

The reform would make Nanning China's first city to ban the presale of commercial residential houses.

Song Jidong, a senior official of the regional housing and urban-rural development department, said specific policies are still being formulated.