|
In
2014, China issued rules requiring real estate owners to
register their holdings with authorities but faced heavy
resistance from local governments unwilling to open up their
books.
A unified real estate database for the entire country is seen as
vital for the central government to regulate the housing market
and also force corrupt local officials to disclose multiple
properties purchased with illicit funds, industry experts say.
China has completed the system after 10 years of hard work,
Xinhua reported, citing Minister of Natural Resources Wang
Guanghua at a work conference.
More than 790 million real estate registration certificates have
been issued nationwide over the past decade, according to state
television.
A unified real estate registration system with a national
database of information on ownership would also pave the way for
China to implement a property tax in the future.
(Reporting by Ryan Woo; Editing by Andrew Heavens and Sharon
Singleton)
[© 2023 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
