On October 16, during an interview with a representative from the Yinchuan Municipal Housing and Urban-Rural Development Bureau, we learned that the newly revised “Yinchuan Property Management Regulations (Amendment Draft)” will take effect on December 1. This updated regulation aims to address the pressing issue of “parking difficulties” faced by residents, drawing inspiration from practices in other regions.
The revisions focus primarily on optimizing the property service market environment and making adjustments to existing provisions regarding property service fees.
One key aspect of the new regulations addresses the parking challenge directly. Notably, there are clear penalties outlined for non-compliance. For instance, if property sellers fail to disclose important details about parking facilities—such as the number, location, size, and disposal methods of parking spaces or garages—prior to the sale, they could face fines ranging from $1,000 to $3,000.
Additionally, the regulations stipulate that property management companies must rent out available parking spaces or garages rather than holding them back. If they refuse to do so, they will be required to rectify the situation within a specified timeframe. Failure to comply could result in fines between $3,000 and $10,000. Furthermore, if any unallocated parking spaces are leased to individuals or entities outside the property management area without first meeting the needs of existing homeowners, or if such leases extend beyond six months, the management must correct this, with penalties amounting to double the rental fee for overdue compliance.
