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On August 28th, the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, and the State Financial Regulatory Commission jointly issued a notice on improving the system for selling commercial housing. The notice mentions promoting a deposit system for the sale of completed properties. For commercial housing projects implementing the sale of completed properties, after obtaining a construction permit, real estate developers can sign a deposit contract with homebuyers and legally collect a small deposit. The deposit contract should stipulate the deposit amount, the selling price of the commercial housing, the delivery time, and the liability for failure to fulfill the contract on time, protecting the legitimate rights and interests of both parties. Municipal and county housing and urban-rural development departments are responsible for deposit supervision, and housing fund supervision agencies are responsible for deposit supervision work, opening a deposit supervision account at the projects main bank. The deposit supervision is released after the house meets the delivery conditions. If the real estate developer breaches the contract and fails to deliver the house on time, the homebuyer has the right to terminate the deposit contract according to the contract, and the real estate developer shall return the deposit and bear the liability for breach of contract according to law. Local governments should formulate model texts for housing deposit contracts based on their actual conditions.The three departments stated that local governments should simultaneously improve relevant policies on land supply and financial support for commercial housing projects, optimize project development, construction, sales, and real estate registration management, strengthen policy coordination and alignment, and improve management and service efficiency.On August 28, the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, and the State Financial Regulatory Commission jointly issued a notice on improving the system for selling commercial housing. The notice stated that all localities should vigorously and orderly promote the sale of completed commercial housing, achieving "what you see is what you get," reducing disputes over the delivery of commercial housing, fundamentally preventing delivery risks, safeguarding the legitimate rights and interests of homebuyers, and accelerating the construction of a new model for real estate development.On August 28th, the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, and the State Financial Regulatory Commission jointly issued a notice on improving the system for the sale of commercial housing. The notice emphasizes strengthening the supervision of pre-sale funds. Municipal and county-level housing and urban-rural development departments are responsible for supervising pre-sale funds, with housing fund supervision agencies undertaking the specific supervision work. These agencies should sign fund supervision agreements with real estate development companies and open fund supervision accounts with the projects lead bank. All down payments, personal housing loans, and other purchase funds paid by homebuyers should be deposited into the fund supervision account. Fund supervision will be lifted after the commercial housing project is completed and accepted, and supporting facilities such as water, electricity, gas, and heating are ready for delivery. If a real estate development company defaults on delivery, the homebuyer has the right to terminate the purchase contract according to the contract, and the real estate development company must refund the purchase funds and bear the liability for breach of contract. Real estate development companies should stipulate the relevant rights and responsibilities of depositing purchase funds into the fund supervision account in the purchase contract with the homebuyer.German Chancellor Merz: Todays young people have many opportunities, especially in skilled trades and vocational education. There are countless opportunities and possibilities.

S&P 500 Declines Below 3960 As Energy Stocks Pull Back

Jimmy Khan

Nov 21, 2022 14:59

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S&P 500 Is Hurt by Oil Market Decline

S&P 500 retreated toward the 3940 mark as oil and technology stocks declined. The heavily tech-focused NASDAQ Composite fell 0.6%.


Due to the sharp decline in the price of oil, energy stocks have been among the worst-performing sectors of the S&P 500. In today's trading session, the shares of Diamondback Energy, EOG Resources, and Pioneer Natural Resources all decreased by 3 to 4%.


Today's significant pressure on top mega cap firms like Microsoft, Alphabet, Amazon, and Tesla was negative for the S&P 500. As traders proceeded to modify their holdings in response to the most recent earnings report, NVIDIA was down by 3%.


The yield on 2-year Treasuries managed to rebound beyond 4.50% today as Treasury rates increased. Bond traders listened more intently to Fed's Bullard's hawkish remarks than stock traders did. The S&P 500 will come under further pressure if Treasury yields increase quickly.


It should be emphasized that the current downturn is not significant, and markets like utilities, healthcare, and consumer defensive are rising, indicating that the overall positive attitude is still present.

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