Dalian implements new policies on property sales

Aiming to protect home buyers’ legitimate rights and interests, the authorities in Dalian – the major port city in China’s northeastern Liaoning province – recently issued a series of new measures to regulate property developer sales and their signing of online contracts. They have taken effect on July 15, local officials said.

Developers are required to provide home buyers with mortgage information before the sale, if a property is being secured by a mortgage. Buyers should be informed and agree to the repayment schedule. Property contracts should be submitted to authority online when the developer takes initial or full payment from the buyer.

Home buyers are reminded to check out a developer’s pre-sale permit, a property’s mortgage information and online contract -- and make payments to accounts which can be supervised by the authorities.