Hainan province has changed the entry requirements for real estate developers to raise the quality and branding of the property industry, the official Xinhua news agency reported Tuesday. The new policy adds two categories to the existing classification. Class three developers will need to have of 15 million yuan (US$2.46 million) in registered capital, two or more years of property development experience and a 100 percent record in meeting project quality tests. The requirements for class four developers are lower and include a minimum registered capital of 10 million yuan and one year or more of development experience, the report said.
– Contact HKEJ at [email protected]