Nation to assess energy consumption performance of real estate projects
(Xinhua)Updated: 2006-12-20 16:50 Energy-saving initiatives will be obligatory for all real estate investment applications in China from the first day of 2007, as the country moves to boost energy efficiency.
National Development and Reform Commission (NDRC) said the commission will require departments to beef up the examination and approval of real estate investment applications.
New energy-saving rules demand that all real-estate investment applications include practical demonstrations of energy consumption and savings.
The notice increases supervision and outlines punishments for companies that fail to meet the new regulations.
China has set a unit energy consumption reduction target of 20 percent for the five-year period from 2006 to 2010. The goal, approved by China's legislative institution, will legally guide social and economic development in the five-year period.
However, China's energy consumption per unit of GDP increased by 0.8 percent in the first half year and indexes for major pollutants continued to rise, dampening hopes for an improvement in the energy situation this year.
The assessment of real estate projects will prevent energy waste and force developers to adopt up-to-date green technologies, the official said.
(For more biz stories, please visit Industry Updates)