China has successfully constructed a nationwide, unified real estate registration system, according to a report by the official Xinhua news agency on Tuesday. This landmark development is expected to improve transparency in property ownership across the country.
China introduced rules in 2014 that mandated real estate owners to register their holdings with authorities. However, local governments were resistant to the idea, as they were reluctant to disclose their records. Industry experts believe that a cohesive real estate database for the entire country is crucial for the central government to regulate the housing market and compel corrupt local officials to reveal multiple properties acquired through illegal funds.
Minister of Natural Resources Wang Guanghua announced at a work conference that the system has been completed after a decade of hard work, as cited by Xinhua. State television reported that more than 790 million real estate registration certificates have been issued across the country over the past ten years.
The establishment of a unified real estate registration system, complete with a national database of ownership information, also lays the foundation for China to potentially introduce a property tax in the future.
