The government of Hangzhou, capital of Zhejiang province, will allow real estate developers to close transactions online as a measure to contain the coronavirus outbreak in China, according to an official announcement posted online on Tuesday.
City housing authorities said they will apply e-signature technology to municipal real estate contracts to allow buyers and developers to sign deals remotely, lifting a key barrier for online property transactions. Property deals in China have come to a standstill as widespread efforts to contain the coronavirus have stopped buyers from viewing and buying homes.
The announcement comes eight days after the housing authorities encouraged developers to use online promotion to boost sales, with some companies like Evergrade Group seeing promising results after pivoting to the internet.
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This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.