Shanghai leads housing reform with new sale rules

Shanghai has introduced new regulations to promote reform in the housing sector, focusing on the sale of completed homes and restricting the sale of projects before the structural framework is finished. The new rules prohibit the sale of residences before the entire structure is completed and allow buyers to terminate contracts and recover their deposits if delivery is delayed. Additionally, the regulations require developers to open dedicated bank accounts for development loans, as part of China's efforts to improve market regulation and ensure stability in the real estate sector.

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