China's top housing authority has pledged to punish property developers who deliberately raise housing prices by delaying proposed sales dates - the latest move by the government to cool the red-hot real estate market.
The rule was issued by the Ministry of Housing and Urban-Rural Development on Monday.
In the regulation, the ministry also ordered developers not to take deposits for sales of uncompleted apartments without proper approval and barred them from charging "abnormally high" prices. Developers must disclose to the public all apartments available and their prices, and start selling within 10 days after getting pre-sale approval, the Ministry said in a statement on Tuesday, vowing to punish developers that "artificially" create supply shortages.
The focus on developers' sales tactics follows curbs on loans for third-home purchases, increased down payment requirements and higher mortgage rates announced in the past week.
The State Council, or the Cabinet, has said stricter measures to control speculation are needed after property prices in 70 cities jumped a record 11.7 percent in March.