The Guangdong Construction Department and the People's Bank of China, Guangzhou Branch, recently issued a notice, ruling that developers should register after within 30 days to housing administration authorities after signing housing contracts.

The rule is to prevent irregularities such as illegally pre-selling houses, developers imposing unfair conditions of sale, repetitive selling and false mortgages, among others on irregularities.

According to the new rule, before acquiring pre-sales permits, developers can't sell house or collect deposits. Developers and housing agencies should display pre-sales permits and samples of sales contracts at the sales office.

After signing sales contracts with buyers, developers should register with the house management department. Every registered housing contract is to be checked to see whether the house has been traded before.

All financial agencies are also to strengthen loan controls on individual house mortgages. They will not be able pay house mortgage loans before registering with the house management department.

Editor: Donald