| New regulation
to protect home buyers
BUYERS of commercial houses will no longer have to worry
about errors in the calculation of shared public space, local
media reports said Tuesday.Under a new regulation issued by
the Shenzhen Municipal Land Resources and Pricing Bureau,
property developers must let buyers know the true construction
area of a commercial house and the pricing of commercial
houses must be based on the true construction
area.Construction costs for shared public space will be
calculated into the selling price and will not be collected
separately, according to the new regulation.Real estate
developers are also required to state in the contract the
total area of public space and the shared area of public
space.A purchaser can refuse to buy a house if they find the
error rate is plus or minus 3 percent.The new regulation will
take effect October 1. It will not apply to buyers of entire
apartment buildings. (Hu Zheye)
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