Shanghai advances property sales reform

Shanghai announced new measures Monday to better coordinate the pre-sale management and advance the implementation of selling homes after completion, effective immediately, underscoring the city's push for high-quality property market development.

Tailored to Shanghai's specific conditions, the new policy is in line with the central government's stance on progressively advancing reform of the commercial housing sales system and promoting the formation of a new pattern for real estate development, said the notification announced on Monday.

Effective immediately on Monday, the notice is jointly issued by the Shanghai Municipal Commission of Housing and Urban-Rural Development, the Shanghai municipal bureau of housing management, Shanghai Municipal Bureau of Planning and Natural Resources and the Shanghai housing provident fund management center.

The notice specified measures in six sectors including strengthening pre-sale management, promoting home sales after completion, raising financial support, optimizing land supply management, and ensuring quality supervision and market order regulation.