Beijing requires topped-out structures for new home presales

BEIJING -- The city of Beijing requires new commercial housing projects to complete main-structure topping-out before applying for presale permits, and prioritizes completed-home sales, according to a guideline issued by the Beijing Municipal Commission of Housing and Urban-Rural Development and three other municipal departments Thursday.

For new commercial housing projects after Aug 28, each building must have its main structure topped out before presale is allowed to proceed, according to the guideline.

Presale revenue for these projects will be put under supervision.

Starting Aug 28, sale of completed homes are prioritized in new projects, the guideline says. It says in the mode of completed-home sale, developers may first sign deposit contracts with buyers after obtaining construction permits, with deposits generally capped at 1 percent of the total home price.

Buyers may terminate the deposit contract if developers fail to deliver homes on time, according to the guideline.

To ease developers' funding pressure, land transfer payments may be paid in installments, according to the guideline.