Apartment Buildings in China. Photo: iStock
Apartment Buildings in China. Photo: iStock

The Shanghai municipal government is cracking down on speculators in the housing market that are using false information, committing virtual transactions and making illegal withdrawals from the Housing Provident Fund, Economic Information Daily reported.

The ongoing rectification has required the joint effort of several departments, including the Housing Construction Committee, the Housing Management Bureau, the Public Security Bureau, the Judicial Bureau, the Taxation Bureau, and the Banking Regulatory Bureau to carry out the special work, which will continue until the end of 2018.

Up to now, local governments in Shanghai, Beijing, Guangzhou, Shenzhen, Hainan, Tianjin, Nanjing, Suzhou, Hefei, Xiamen and other places have carried out cross-department special actions to combat illegal behaviour in the housing market.

For example, Beijing has interviewed the owners of major home leasing companies such as ziroom.com and dankegongyu.com and clearly stopped them from using bank loans or other financing channels to obtain funds to seize housing sources for “vicious” market competition.

Nanjing also required home leasing companies not to compete for market share by pushing up rental prices or monopolizing housing.

Since August, more than 50 cities across the country have issued special rectifications to regulate the rental market.