China says 21 property developers broke rules: Xinhua

[December 30, 2016]  BEIJING (Reuters) - China's housing ministry on Friday said 21 property developers had violated rules and will be punished, the official Xinhua news agency said.

The announcement follows previous rounds of checks of property developers and agents this year as China looks to develop a more stable and healthy market for home sales.

The housing bureau said the developers were guilty of false advertising, spreading rumors, carrying out presales without certificates and secretly charging additional fees.

Overheating in China's property market in recent months has become a serious concern for policymakers. More than 20 cities have adopted restrictive policies to prevent speculative buying that could further fuel price bubbles.

The Ministry of Housing and Urban-Rural Development in October said it would crack down on nine irregular business activities by real estate developers.

(Reporting by Elias Glenn; Editing by Nick Macfie)

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