Shanghai cleans up "commercial-title apartments"

Shanghai cleans up "commercial-title apartments"

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Caixin reports  Shanghai has launched a citywide cleanup campaign to clamp down on so-called commercial-title apartments as the municipality seeks to tame soaring property speculation and "promote the sound development of the local real estate market." According to a statement, nearly 17 million square meters of such developments -apartments built on land that had been designated for commercial use - will be subject to a regulation issued Wednesday under which developers must roll back all unsanctioned modifications to their original designs in about 12 million square meters yet to be released to buyers. For the remaining 5 million square meters already occupied, developers and owners will be held jointly responsible for tightening security measures such as fire prevention, but owners will be allowed to use the added facilities that meet safety standards. The Shanghai government also said it is suspending approval of all new commercial-title apartment projects.