Wuhan to implement transparent mortgage payments to rein in soaring prices

Beijing

HOUSING authorities in the central Chinese city of Wuhan plan a measure requiring mortgages for new homes to be paid into designated bank accounts of developers, as a way of ensuring official supervision, to deter rampant illegal fee hikes.

The new rule proposed by Wuhan's housing bureau mandates that property developers open a designated bank account before obtaining sales permits for new residential projects, the official news agency Xinhua said on Thursday.