Date
18 December 2017

Property titans call for simpler approval structure, paper says

Several Chinese People’s Political Consultative Conference members, who are also senior executives of real estate developers, have called on the housing ministry to streamline approval procedures for property sales, saying the existing multi-tiered system is unnecessary, the China Securities Journal reported Tuesday. Xu Jiayin, chairman of Evergrande Real Estate Group Ltd. (03333.HK), also called for the authorities to look into excessive fees levied by various local administrations. Xu said that his company had to pay up to 157 fees in one city to start sales. The various approval fees could constitute up to 11 percent of the total cost of a property development, Xu added.

– Contact HKEJ at [email protected]

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