China Issues First Property Management Regulation

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Last updated at: (Beijing Time) Friday, June 20, 2003

China Issues First Property Management Regulation

The first regulation on property management just issued in China will close the gap between China and developed countries in property management services, a senior government official said Friday.

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The first regulation on property management just issued in China will close the gap between China and developed countries in property management services, a senior government official said Friday.

China had seen an expanding property management market since the 1980s, especially in recent years when the real estate industry was boosted, said Xie Jiajin, chief economist and director general of the Department of Housing and Real Estate Industry of the Ministry of Construction.

By the end of 2002, property management services had expanded to 38 percent of China's total residential assets, and the proportion was more than 50 percent in some big cities.

There are more than 20,000 property management companies in China, employing more than 2.3 million people.

But Xie said the service level of the whole industry still lagged behind that of some developed countries, especially in the use of high-tech and digital equipment.

"But the fundamental distance lies in legislature, because China still lacked laws and regulations to regulate the whole industry," Xie added.

A State Development and Reform Commission investigation showed China reported an increase in complaints about illegal property management, especially in Beijing, where 560 cases were settled last year.

Xie said the new regulation would help improve the building of a legal mechanism for property management, and clarify the rights and obligations of house owners and property management companies.

It also plays a key role in regulating the property management companies' behavior and protecting the interests of proprietors and the companies, Xie added.

The regulation had been discussed for four years since 1999 and received more than 4,000 submissions from people from all walks oflife, he said.

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