Launch of Specific Monitoring Account for Secondhand House Transaction

On March 22^th, Beijing Municipal Construction Committee officially issued “Interim Rules for Administration of Settlement Account for Transaction of Existential House” to guarantee the safety of settlement in existential house transaction and build standardized rules in Beijing.

As a quick response to the policy, Bank of Beijing together with other seven banks signed an intentional agreement with Beijing Homelink Real Estate Broker Ltd on monitoring funds in existential house transaction, which announced the formal launch of specific monitoring account for secondhand house transaction. From now on, property brokers must open an independent and specific account in banks for house transaction and customers can choose a convenient bank to do the transaction, which enhanced the safety and reliability of transaction fund.