Understanding and Application of the Supreme People's Court's Interpretation on Adjudicating Disputes over Commodity Housing Purchase and Sale Contracts

Author: Supreme People's Court Civil Trial First Tribunal
Publisher:
Publish Date: 2003-06-01
Features: On April 28, 2003, the Supreme People's Court announced the >, which went into effect on June 1, 2003. The formulation and announcement of this > is a major initiative by the Supreme People's Court to adapt to the development trends of China's commodity housing market and to achieve the theme of fairness and efficiency in the work of the courts. The > is based on the provisions of laws such as the >, >, >, >, and >, and provides detailed explanations on how to apply the law in cases involving the validity of pre-sale contracts for commodity housing, the sale of commodity housing advertisements, multiple sales of the same property, shrinkage in housing area, the delivery and risk assumption of commodity housing, the quality of commodity housing, the wholesaling of commodity housing, and commodity housing guaranteed loans. Among these, it also clarifies the application of punitive damages for malicious breaches of contract, fraud, and other actions by sellers that severely deviate from the principle of good faith and harm buyers. This will help to punish unlawful behavior and maintain the integrity of the normal transaction system in the commodity housing market. By providing in-depth refinement of the current legal provisions in both substantive and procedural aspects, it enhances the operability of the law, unifies its application, and promotes equal protection for parties, thereby establishing the authority of court judgments.