Fund management of maintenance fund

According to the Property Law and the Measures for the Administration of Special Maintenance Funds for Residential Buildings, which came into effect on February 1 2008, the special maintenance funds for residential buildings are paid by all owners and owned by all owners. Under normal circumstances, the maintenance funds are established under the unified supervision of the real estate management department where the property is located, and the property management company or management unit applies for withdrawal. After the establishment of the owners' committee, with the consent of more than two-thirds of the owners and the construction area, the maintenance funds can be handed over to the industry committee, which will exercise the management right.

The owners' committee shall set up a special maintenance fund account in the commercial bank designated by the real estate administrative department and report the account to the real estate administrative department for the record. This account can only be used for the storage and management of maintenance funds and shall not be used for other purposes. At the same time, the bank set up a ledger for each owner to show the use and retention of all maintenance funds of the owner. The use and supplement of maintenance funds need to be decided by the owners' meeting.

Maintenance fund management shall comply with the following provisions:

1. The real estate administrative department shall regularly check the deposit of maintenance funds with special banks and make an announcement in the property.

2. The owners' committee shall regularly announce the use and balance of maintenance funds to all owners.

3. A single owner can check the use and retention of maintenance funds under his own name with the invoice of maintenance funds to the bank. In case of property losses caused by demolition, the owner can withdraw the balance in the sub-account from the bank with relevant certificates.