China's top economic planner announced Monday that eight property developers nationwide would be punished for failing to sell homes at prices they fixed before the sales, and face total fines of some 10 million yuan ($1.6 million).
Under a regulation issued by the National Development and Reform Commission in 2011, real estate developers are required to fix and make public the prices of their properties before sales, rather than changing sales prices unexpectedly during sales. And strict penalties will be imposed on those who violate the rules.
The eight developers being penalized included Shanxi-based Fuji Real Estate Co and two Beijing-based real estate developers.
The act by NDRC aimed to rein in the rocketing home prices.
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