Unified registration system is on the way
Rules requiring real-estate owners to register their holdings with authorities were issued by China government. This move is deemed as a major step targeting property speculators as well as corrupted officers as harder for them to evade regulations.
China issued rules requiring real- estate owners to register their holdings with authorities, a big step in the fight against official corruption that should make it harder for property speculators to evade regulations.
Until now, there was no such registration requirement, leading some to use property to hide assets from authorities.
The rules, issued yesterday and taking effect on March 1, are a key step in creating a nationwide property database. They were published by the State Council.
“All real estate assets land, water areas as well as houses, forests and the like will be subject to this set of rules,” the announcement said.
“The rules apply to first-time registration, changes of ownership as well as property transfers, write-offs and asset freezing, among other things.”
China needs about three years to fully establish a unified registration system of real estate, and about four years to run a unified registration information management platform.
The only housing census in China was done in 1986 and economic censuses have so far not covered housing surveys.
Source: The Standard Finance