Source: CCTV.com

12-29-2007 11:33

Shenzhen, a city in south China, has revised the trade and agency contract for second-hand properties. Second-hand property agencies will no longer be allowed to hold the clients' trading capital to protect clients' interests.

2nd-hand property agencies will no longer be allowed to hold the clients' trading capital to protect clients' interests.

The new version of the contract says the agencies' clients submit their trading capital to a third-party which such as a bank to supervise the transaction, instead of the current approach that the money is put into a special bank account set by the agencies.

At the same time, the new contract outlines the minimum amount should be less than two percent of the property's value.

In November the president of a second-hand property agency in Shenzhen took all the clients' money and escaped. Experts say the change of the capital supervision model is to protect the clients' interest.

 

Editor:Xiong Qu