The Executive Yuan yesterday approved a draft bill to restrict transfers of presale and new housing contracts, and to impose heavy fines of up to NT$50 million (US$1.73 million) on unfair promotions of real-estate properties.
The move came one week earlier than expected, after housing prices picked up steeply across Taiwan in the past two years.
The draft amendment to the Equalization of Land Rights Act (平均地權條例), proposed by the Ministry of the Interior, still needs to clear the legislature before taking effect.
The draft bill aims to severely punish real-estate speculation, maintain order in the real-estate market and protect the rights of