The Shenzhen Municipal Housing and Construction Bureau released a new notice to prevent real estate developers from raising housing prices via refined decoration in its latest move to further stabilize the city’s property market, according to Shenzhen Special Zone Daily.
The new notice stipulates that the peak refined decoration price of newly built commercial property and business apartments is 6,000 yuan (US$942.3) per square meter.
Relevant departments will be required to comprehensively control the price of properties with refined decoration based on the supervision of finishing materials.
At the same time, real estate developers cannot raise housing prices for projects developed in phases. To be specific, if the time interval between two applications for price filing is less than one year, according to the rules, the official response will be to use the previous recorded price.
Additionally, the approved selling price of pre-sale and on-sale commercial housing and business apartments in Shenzhen cannot exceed the online sale price of the same type of new housing in the same location, based on the previous year.