Beijing Real Estate Developers to be Prohibited From Directly Receiving Advance Payments for Commercial Apartments

As of December 1, all advance payments for commercial apartments in Beijing will be required to be put in to a special, monitored account that will primarily be used to fund the construction of the project and property developers will be prohibited from directly receiving or depositing funds raised through advanced sales. The conditions appear in the "Interim Measures for the Supervision and Management of Funds Raised through the Advance Sale of Commercial Apartments" 《商品房预售资金监督管理暂行办法》 which was recently adopted by the Beijing Municipal Commission of Housing and Urban-Rural Development.

Source
China News Online

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