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Industry News
Hotel Industry NewsBeijing Bans Sales of Hotel ApartmentsBeijing's housing authorities have excluded hotel apartments from the city's commercial housing market, in a bid to regulate the overheated real estate industry, according to a circular released on Wednesday.The order, starting next month, targets the hotel-style apartment projects with land supply contracts signed after May 31st.In recent years, some hotels and vacation villages illegally made the rooms available on the market, selling them individually to residential flat buyers in order to gain profits amidst uprising house prices. The circular, aiming to stop the sales of such housing alternatives, said the authorities will stop handling related formalities concerning home sales or pre-sell permission. Furthermore, individuals who buy such flats will not be able to acquire property ownership certificates.For those projects which have land supply contracts signed before the end of this month, they can continue splitting the sales from the hotel units, but first need approval from the city's four government departments.
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