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Thursday   8 /22 /2002


New regulation to protect home buyers

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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