The China Banking Industry Supervision and Administration Commission issued the application and approval procedures for establishment of car-financing companies. Upon approval by the Commission and the Ministry of Commerce, an applicant will be issued a financial license and a foreign invested enterprise approval certificate by the Commission. The chairman of a car-financing company cannot concurrently hold the position of general manager of such a carfinancing company. Property management fees The State Development and Reform Commission issued provisions dividing real estate property management fees into government- guided prices and market-oriented prices. The specific scope applicable to such price categories will be provided for by the various provincial pricing authorities.