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The secret blacklist of developers hoarding property by efwegbe erergeer
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The secret blacklist of developers hoarding property |
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Business,Business News,Business Opportunities
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News, Page 4 Issue 484, August 23 Translated by Tony Liu Original article: [ Chinese ] Has China's Ministry of Housing and Urban-Rural Development (MHURD)really been compiling a list of property developers that arehoarding housing for speculative purposes? Bi Jianling, an official from the Ministry's Information ServiceDivision, told the EO that the ministry does not keep such a list. But an anonymous source from the MHURD revealed to the EO that alist does indeed exist, but it has yet to be sent to the ChineseBanking Regulatory Commission due to difficulties in agreeing on anexact definition of what constitutes property hoarding. "The MHURD is careful who they include on the black list, as being'blacklisted' will likely impact a company's financing abilities.Property developers that have not seriously violated regulationswill not be included," the anonymous source told the EO. The source also revealed, that if a strict definition of whatconstituted property hoarding was assumed, many well-knowndevelopers would have been included on the list. It has been reported that the China Banking Regulatory Commission(CBRC) had previously asked the MHURC to compile a list of propertydevelopers that have been delaying the release of housing on to themarket.
However, up until now, the MHURD had only provided the bankingregulator with a so-called "white list" of property developers whohave not been hoarding their properties. The above source also said that the order to compile such a listwas directly connected to the "ten regulations" issued by the StateCouncil in April which were aimed at curbing soaring housingprices. According to the April circular, the MHURD is responsible forinvestigating misconduct involving property hoarding and any otherkind of interference with the market price for housing, theministry is also held responsible for punishing any propertydevelopers found guilty of such actions. Given that the housing regulators at local levels are responsiblefor investigating the property projects in their jurisdiction thatviolate regulations, the MHURD needs to source information abouthoarding from these local regulatory organizations in order to puttogether the final list. Although the MHURD is yet to provide a list to the CBRC, the EO haslearned that the Ministry of Land and Resources, which regulatesland use, has already given a list of property developers that arehoarding land to the CBRC.
Ding Zuyu, Co-Chief Executive Officer of China Real EstateInformation Corporation, told the EO that every commercial bank hasits own system for evaluating property developers based on theirrespective liquidity, liability and solvency. However, banks do not always share their evaluations with eachother. He added,"If CBRC were able to collect this information fromChina Union Pay, it would prove more useful than the list puttogether by the MHURD" This article was edited by Ruoji Tang and Paul Pennay Links and Sources Time: Image. I am an expert from Electric Heaters, usually analyzes all kind of industries situation, such as floor stereo speakers , radio control blimp.
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