Skip to main content

China strengthens regulation on asset-light housing rental enterprises

Abstract : China has issued a guideline to strengthen regulation on asset-light housing rental enterprises and clarify regulatory measures for those engaged in sublease operations.

BEIJING, April 26 (Xinhua) — China has issued a guideline to strengthen regulation on asset-light housing rental enterprises and clarify regulatory measures for those engaged in sublease operations.

Housing leasing companies and individuals subleasing more than 10 houses (rooms) are required to register as market entities in accordance with law and obtain business license, said the guideline jointly issued by the Ministry of Housing and Urban-Rural Development and other five government bodies.

To defuse financial risks, the guideline required housing rental companies to set up a regulatory account for rental funds at local commercial banks. If the companies collect rents for more than three months at a time or deposits for more than one month at a time, they should include the funds in the account.

The guideline also prohibited these enterprises from carrying out financial businesses in a disguised way, such as embedding housing rental consumption loans in the lease contract, use tenant’s credit to obtain consumption loans or tempt tenants to use the loans.

In recent years, China’s housing rental market has developed rapidly and is generally stable. However, some asset-light housing rental companies engaged in sublease operations infringed the legitimate rights and interests of tenants by controlling housing supply, bidding up rents and even fraudulently obtaining credit funds. Enditem

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal. China’s silk road economic belt and the 21st century maritime silk road website, include BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: China strengthens regulation on asset-light housing rental enterprises

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

China’s non-manufacturing PMI down in April

Abstract : The purchasing managers' index (PMI) for China's non-manufacturing sector came in at 54.9 in April, down 1.4 percentage points from the March figure, the National Bureau of Statistics said Friday. BEIJING, April 30 (Xinhua) — The purchasing managers’ index (PMI) for China’s non-manufacturing sector came in at 54.9 in April, down 1.4 percentage points from the March figure, the National Bureau of Statistics (NBS) said Friday. A reading above 50 indicates expansion, while a reading below reflects contraction. The expansion of the non-manufacturing sector continued to gather momentum but at a slower pace, said senior NBS statistician Zhao Qinghe. In April, the sub-index for business activities in the services sector stood at 54.4, down from 55.2 in March. The sub-indexes for business activities in rail services, air transportation and accommodation came in at above 65, indicating the rapid growth of business volumes in these areas, according to Zhao. The statisti...
Post a Comment
Read more

China expands QDII quotas as outbound investment demand grows

Abstract : China's foreign exchange regulator on Wednesday night expanded quotas under an outbound investment scheme to meet the growing demand of domestic investors. BEIJING, June 3 (Xinhua) — China’s foreign exchange regulator on Wednesday night expanded quotas under an outbound investment scheme to meet the growing demand of domestic investors. A total of 10.3 billion U.S. dollars in quotas was granted to 17 institutions under the Qualified Domestic Institutional Investor (QDII) program, a scheme for outbound investment , according to the State Administration of Foreign Exchange (SAFE). Among these institutions were fund companies, securities firms and insurers, as well as banks, said the regulator. The move brought China’s total QDII quota to 147.32 billion U.S. dollars. Under the QDII program, the country’s cross-border capital flows have been maintained in an orderly manner, satisfying the rising demand for outbound investment at home, said a SAFE official. T...
Post a Comment
Read more

Feature: Chinese scientists help Sri Lanka cope with marine disasters, climate change

Abstract : On June 2, hundreds of security personnel in COVID-19 protective clothing were busy removing tons of chemical pollutants and plastic from a beach in Colombo. About 9.5 nautical miles into the sea, they could see the charred remains of a foreign vessel swaying in the gusty monsoon wind. COLOMBO, June 3 (Xinhua) — On June 2, hundreds of security personnel in COVID-19 protective clothing were busy removing tons of chemical pollutants and plastic from a beach in Colombo. About 9.5 nautical miles into the sea, they could see the charred remains of a foreign vessel swaying in the gusty monsoon wind. On May 20, the X Press Pearl container vessel loaded with chemicals exploded and caught fire off Colombo Port. Many of the containers and other polluting materials on board fell into the sea and were being washed ashore, posing a serious threat to the environment. On day two after the explosion, Chinese experts from the China- Sri Lanka Joint Center for Education and Research (...
Post a Comment
Read more