07 Apr '17, 9am

China bans property sales in upcoming economic zone | Overseas

The Chinese government has uncovered 765 cases of property violations in relation to the 100 sq km special economic zone. Chinese policemen have apprehended seven individuals for property violations that occurred within Hebei’s Xiongan New Area, which is set to become the nation’s newest special economic zone, revealed Reuters , citing a report published by China Daily on Thursday (6 April). While it did not divulge details of the offenses, a government committee created to develop the 100 sq km special economic zone revealed that it has closed 71 offices of real estate agencies and uncovered 765 cases of property violations. After news broke last Saturday that the authorities plan to establish a special area in northern Hebei province like the Shenzhen Special Economic Zone, property hunters have entered the area, leading to spiralling real estate prices. In fact, average...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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