BEIJING: The official Xinhua news agency reported that China has successfully completed the construction of a national and unified system for real estate registration.
This landmark move is expected to facilitate the central government’s regulation of the housing market and help combat corruption by forcing officials to disclose their properties purchased with illicit funds.
The new system is the culmination of a 10-year effort, which began in 2014 with the issuance of rules requiring real estate owners to register their holdings with authorities.
Despite facing resistance from local governments, more than 790 million real estate registration certificates have been issued nationwide over the past decade, according to state television.
The unified real estate database will provide a national repository of information on ownership, paving the way for China to implement a property tax in the future.
It is also expected to have a positive impact on the real estate market by increasing transparency and reducing fraud.
At a work conference, Minister of Natural Resources Wang Guanghua highlighted the importance of the unified real estate registration system, stating that it will enhance the government’s ability to regulate the housing market and improve the overall management of the real estate.
With the system now in place, the central government will have greater access to data on real estate ownership, allowing for more effective policymaking and regulation
