Haikou city in Hainan province, China. Photo: iStock

Haikou, the capital city of the island province Hainan, announced it will take action to rein in the housing market, strengthening the management of home sales, Sina Finance reported.

Real estate developers with pre-sale conditions or holding housing projects with unsold properties, are required to actively verify the costs and adjust selling prices before going to the Municipal Development and Reform Commission to register the sales prices by the end of September.

Also, property developers are not allowed to increase the filing price without authorization within 6 months.

If it is necessary to adjust the sales price, developers should apply to the Municipal Price Bureau 20 working days in advance.

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now.