China unveils regulations on housing rental sector

BEIJING -- Chinese Premier Li Qiang has signed a State Council decree that unveils regulations to boost the high-quality development of the housing rental market and facilitate establishing a housing system that supports both housing rentals and purchases.

The new regulations, which will go into effect on Sept. 15, emphasize the integration of the market's leading role and government guidance in the sector's development. It also encourages more supply of rental housing through multiple channels and fostering market-oriented, professional housing rental enterprises.

The document specifies regulations on rental activities, as well as the behaviors of housing rental enterprises and brokerage agencies. Rental brokerage agencies must verify and record the information of the entrusting parties, conduct on-site inspections of the properties before listing, and clearly mark the prices of their services, it says.

The regulations underline improved supervision and management of the housing rental sector. Governments of cities and above with subsidiary districts should establish monitoring mechanisms on housing rents and publish rental price levels regularly.

Strict legal responsibilities are stipulated for the illegal actions of lessors, tenants, housing rental enterprises, brokerage agencies and relevant government department staff, according to the document.