The revised Regulations for Zhongshan's Integrity Management of Real Estate Companies (hereinafter referred to as the Regulations) will take effect on September 1, according to the Zhongshan Housing and Urban-rural Development Bureau.
Credit rating of Zhongshan's real estate companies is done in four classes namely: A, B, C and D. Among these four classes, A means the integrity point of a real estate company must reach 120 or more. Besides, the real estate company should have one or more projects under realization or for sale within the year, without any violation record.
According to the Regulations, 65 kinds of misconducts from real estate companies will result to point reduction. For a single kind of misconduct, a maximum of 41 points and a minimum of 1 point shall be deduced. Among all kinds of misconducts, providing illegal down payment loans, default in construction costs, faillure to allocate wages to workers on time and engagement in real estate development and management without qualifications are considered the most serious, thus leading to the deduction of 41 integrity points.
Real estate companies' credit files include: basic profile, performances, projects, good conduct records, violations of laws and regulations in the real estate market, service quality issues, misconduct records, public complaints and handling etc. The Zhongshan Housing and Urban-rural Development Bureau shall collect corporate integrity information through Zhongshan's construction project company management and integrity platform, and shall release all information to the public on its official website.
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