Beijing Municipality, Measures for the Oversight of Funds from the Pre-sale of Commercially Developed Housing (Draft for Comments on the 2021 Revisions)
北京市商品房预售资金监督管理办法 (2021年修订版公开征求意见稿)
November 26, 2021 | BY
Susan MokBeijing Municipality issues rules to prohibit misappropriation of housing purchase funds
Issued: November 4, 2021
Main contents: The deposit, down payment and other purchase amounts paid by a buyer in the course of the pre-sale of a project shall be directly deposited into the escrow account from the buyer's account and the developer may not transfer and deposit the same into another account.
A buyer may complete functions such as online signing of the letter of intent or online signing of the premises sale contract only after depositing in full the deposit and the down payment complying with the provisions of the personal housing loan into the dedicated account.
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