[Introduction]: The Official website of Shanghai municipal construction and housing commission issued a document on December 19 announcing that the e-commerce service property of real estate projects that were sold before March 30, 2017 (including that day) will no longer limit the sales target.

On the evening of December 19, Shanghai Municipal Housing and Construction Commission published “Opinions on Improving the sales management of e-commerce service real estate projects” on the official website and its interpretation of “opinions.

Original policy: 2018 Shanghai Housing and Construction Commission’s opinions on improving the sales management of e-commerce service real estate projects

Policy Interpretation: 2018 Shanghai Housing and Construction Commission interprets opinions on improving sales management of e-commerce service real estate projects

The opinions put forward opinions on item (3) of Article 3 of the notice of the General Office of Shanghai municipal people’s government on further strengthening the regulation and control of the real estate market, “real estate development enterprises sell e-commerce service properties, the object of sale shall be the” e-commerce service property “stipulated by the legal entity, which refers to the e-commerce service real estate project whose land is sold after the date of publication of the document (March 30, 2017), this provision is not implemented for e-commerce service real estate projects with land transfer transactions before March 30, 2017 (including that day). The above opinions will be implemented from December 20, 2018.

The Shanghai Municipal Housing and Construction Commission has read the opinions on the official website. The specific implementation contents include three items:

I. March 30, 2017 (notice of the General Office of Shanghai municipal people’s government on further strengthening the regulation and control of the real estate market, issued by Sui Fu Office letter [2017] No. 65) after the land transfer transaction (subject to the signing of the land grant contract, the confirmation of the transaction or the announcement to confirm the land transfer transaction date), the sales target of e-commerce service property shall be a legal entity;

II. The real estate project of the land transfer transaction before March 30, 2017 (including that day) (subject to the signing of the land grant contract, the confirmation of the transaction or the confirmation of the land transfer transaction date by the announcement), its e-commerce service property is no longer limited to the sales target, and individuals can only transfer it again after they have obtained the real estate certificate for purchasing e-commerce service property for 2 years;

III. Those who have signed subscription books or purchase contracts before 24:00 on December 19, 2018 and have completed the online signing of purchase contracts shall be implemented according to the original policy. The online signing of the house purchase contract has not been completed before 24:00 on December 19, 2018, but the subscription book or house purchase contract has been signed and the house payment (including deposit, down payment or part of the house payment) can be provided. The original bank accounting voucher or tax payment certificate shall still be implemented in accordance with the original policy.

The Shanghai Municipal Housing and Construction Commission also said that in the next step, all housing and construction departments in Shanghai will jointly strengthen the sales supervisor of e-commerce service real estate projects, further standardize the market order, in order to maintain the stable operation of the market, fully optimize the business environment and create conditions.

(Source: Shanghai Municipal Construction Committee, Xinhua News Agency)