Ningbo Housing and Urban-Rural Development Bureau(hereinafter referred to as the Bureau), Ningbo Network Information Office, Ningbo Market Supervision Bureau, the People's Bank of China Ningbo Branch and Ningbo Banking and Insurance Regulatory Bureau recently issued a joint notice on Carrying out the Special Rectification Action on Real Estate Market. A three-month special rectification of the real estate market will be launched in Ningbo, in an effort to further standardize the operation of real estate developers and real estate agencies, to safeguard the legitimate rights and interests of the masses, so as to promote the steady and healthy development of the real estate market.

This rectification work focuses on the following two aspects.

One is the improper business behaviors of real estate development enterprises and their employees including operations such as entrusting the underwriting agency having not recorded in the government network system to sell commercial housing; illegally collecting the subscription fund, deposit and advance payment; the amount of capital verification or the amount of subscription fund collected exceeds the specified amount; illegally collecting unreasonable fees such as the E-commerce fee, group purchase fee and tea charges from the buyer in addition to the price of commercial housing, decoration and parking space (garage); forcing buyers to accept the price of goods or services by means of binding or additional conditions; failing to employ notary agencies to supervise and issue notarial certificate for the commercial housing sold by public lottery.

The other is the improper business behaviors of real estate intermediary agencies and their employees, such as failing to handle the filing according to the regulations; offering the house source information in stores, internet platforms, app, etc. without verification or with false verification code; providing agency services and bundle fees against the willingness of the customers; failing to clearly stipulate the service fees in the intermediary contract deliberately. At the same time, this rectification will highlight the cheating mode in recent leasing market by acquiring housing sources at higher charges but renting out at lower costs and collecting rents for a long time from the leaseholder but pay the landlord or landlady for short time.

According to reports, the rectification will be fulfilled by three steps: Deployment and self-examination and self correction will be made in August. Specific work plans for market rectification will be formulated by local official departments, deployment meetings will be held, real estate development enterprises and intermediary agencies having ongoing or upcoming selling projects are organized to seriously fulfill self inspection and self correction. Report phone and mailbox are set up to collect information clues.

Inspection and following treatment will be emphasized in September. The relevant departments of all localities shall jointly investigate and deal with all kinds of illegal behaviors of real estate development enterprises and intermediary agencies in accordance with the law. According to the serious level, different measures will be taken such as issuing written warnings, interviewing the person in charge, making a public announcement, being listed in the black namelist, suspending online signing, banning market entry and so on.

Supervision and random inspection will be highlighted in October. On the basis of self inspection and local investigation and their treatment, the Bureau will jointly launch special supervision and inspection on the rectification and make random sampling on real estate projects under sale, real estate enterprises and intermediary agencies.

The campaign will draw special attention to the illegal behaviors of real estate development enterprises, intermediary agencies and their employees strongly reported by the masses. All local official departments will keep alert and investigate and punish the bad behaviour of real estate developers, intermediaries, and employees in order to effectively purify the market environment and promote the stable and healthy development of the real estate market in Ningbo.