How much does the property special maintenance fund (commonly known as "overhaul fund") have to pay? When will the salary be paid? Who is in charge of this money? Can I invest? -City * * *

New Property Management Regulations: Developers will no longer charge overhaul fund.

2007- 1-8 10:26 hits: 50882.

Chen Fuyong

The mode of developers collecting and remitting overhaul fund will change. The Municipal Bureau of Land and Housing Management recently issued "Guiding Opinions on Several Issues of Property Management", stipulating that the special maintenance funds for houses (i.e. overhaul fund) shall be paid directly by the buyers.

Relevant persons of the Municipal Bureau of Land and Housing Management said that according to the Guiding Opinions, the administrative departments of real estate in all districts and counties are the escrow agencies of local commercial housing special maintenance funds, and are responsible for the collection and management of commercial housing special maintenance funds. The special maintenance funds for commercial housing will be paid by the buyers, and the real estate departments of all districts and counties will set up special maintenance funds for commercial housing in the local real estate exchange for collection. Has been withheld by the development and construction unit, the real estate sector should do a good job of cleaning up and recovering.

The Guiding Opinions also clearly stipulates that the use of overhaul fund can only be implemented with the consent of more than two thirds of the owners.