Pre-Trading Thoughts

Real estate developers are: 1) not permitted to launch the sale of units before obtaining the ministerial decision approving the masterplan, 2) required to open an independent bank account for the project/phase to be launched, 3) to submit a semi-annual financial report, approved by the developer’s auditor, outlining installments collected from buyers and expenses spent, 4) to keep a 5% reserve of total collections in the bank account to meet potential refunds. Regulation would be more conduc...