Li Kefu, secretary general of the China Timeshare Alliance, has disclosed to local media that China will soon make an industry standard for holiday timeshares.

With the coming out of the new standard, such problems as overstatement of timeshare products and a lack of industry rules will be solved. Li said that one of the important tasks for CTA this year is to draft an industry standard for timeshares, including offering solutions to the existing problems.

A vacation timeshare is a type of vacation property. Instead of purchasing a vacation home the tenant can't use for most of the year, timeshares allow families to purchase a fractional share of a vacation property. This share could be for one week per year or more for several years or forever.

At present, China does not have clear laws or regulations for timeshares. As a result, many irregular practices can not be punished, causing consumers to have a poor image of the sector.