New Ruling Prevent Homeowners from Selling their Properties

New Ruling Prevent Homeowners from Selling their PropertiesA new ruling is preventing more than 3,000 homeowners in the city from selling their properties as the new ruling is preventing them from transferring ownership. One property owner said that he sold a 30 square meter apartment last February, but as he went to the property ownership registration center to transfer its ownership he was told that the apartment was on industrial and that ownership can’t be transferred to an individual.

The property owner is just one of the 3,000 property owners in Bao’an and Futian district that was also faced the same situation but the housing was considered as commercial residential property and can be traded between individuals in the past. Some of the property owners have already filed complaints with the urban planning authority in the city.

Property officials stated that the city has implemented the new rules in January and allows property owners of industrial real estate to transfer their properties only to a registered enterprises expect on terms are the transferee is granted the property ownership which is based on a court ruling and inheritance or when the property is purchased by the government. These rules where designed to prevent further speculation on industrial buildings.

These new rules were also published in the Shenzhen government official website in December to remind the public of the new rules, but most of the owners were unaware of the notice or of the implementation of the new rules as well. officials of the urban planning will be responding to the public by the end of the month as they will meet to discuss and evaluate the effects ofthese new rules.

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