Joanna Real Estate Shanghai

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http://chinarealestate.blogbus.com/logs/101597101.html

China has given in-principle approval to a draft regulation that will better protect homeowners. The rules, that focus on expropriation and compensation, went through an executive meeting of the State Council on Wednesday, presided over by Premier Wen Jiabao.

The draft puts an end to forced demolitions without legal approval and promises fair prices to homeowners who do lose their properties. It says compensation for those homeowners should not be lower than the market price. The compensation should also include the cost of moving and temporary accommodation, and losses caused by suspension of business. Moreover, developers are forbidden to be involved in relocation work.

The draft also calls to expand the level of public participation in expropriations and compensation cases. After further modification, the draft will be submitted to the State Council for its announcement and implementation.