The closure of Chuanghui Real Estate branches across the nation captured the society's attention over the capital security of second hand real estate transactions. In Guangzhou, the transaction capital of second hand real estate would be deposited with banks, for which both the banks and the real estate agencies would not charge fees from the buyer or the seller. On January 17th, 2008, the official website of the Guangzhou Land Resources and House Administration Bureau released the Notice of Guangzhou Municipality on Relevant Issues Concerning the Implementation of Capital Trust of Used Real Estate Transactions. It was learned that the system had been put into effect on January 8th. Those transactions that had entered the Real Estate Sales Contract and agreed on the payment method of transaction price shall be preceded according to the original agreement.

In the future, the transactions of second hand real estate in Guangzhou would be the same as that of first hand real estate transactions. The sales agreement can be signed on the website of "Sunny Homes" (http://g4c.laho.gov.cn), on which the second hand real estate sales leads are also released in real time. The Guangzhou Land Resource and House Administration Bureau again reminds the public to check the "Business License"' and "Registration Documents of Real Estate Intermediary Service Qualification" of the real estate branches before beginning any transactions.

Editor: Yan