Real estate developers and agents have been put on notice by China's watchdog and housing market regulator. A month-long inspection of the real estate sector in the entire country to review practices is set to begin.

According to Xinhua, the National Development and Reform Commission (NDRC) and the Ministry of Housing and Urban-Rural Development will work together in the inspection.

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"Home prices must be genuine and marked clearly in sales offices, and all other charges must be concealed," read a joint statement from both NDRC and Ministry of Housing. "Developers and agents must disclose the number of unsold houses within a set time."

The statement added that anyone found operating illegally would be dealt with in accordance with the law.

Major developers such as Dalian Wanda Group Co. and Greenland Holdings Corp. are examples of companies that have been punished for violating sales regulations.

The inspection will officially kick off on Thursday and is aimed at creating fairness in China's real estate sector.

Chinese authorities would conduct the review to improve the country's real estate sector. The sector has been highlighted as one of the areas filled with most irregularities in the country.

China's Ministry of Land and Resources has been keenly observing the country's real estate sector.

In a past statement, the ministry said: "We should take heed of the rising instability caused by runaway property prices and also keep a lookout for a sharp fall which will bring systemic financial risks."

Tagschina, real estate, NDRC, Ministry of Housing and Urban Rural Development, Ministry of Land and Resources