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Real estate registration a bid to fight graft
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CHINA yesterday issued rules requiring real estate owners to register their holdings with authorities, a major step in the fight against official corruption that should make it harder for property speculators to evade regulations.
Until now, China has had no such registration requirement, an absence that has let some people use property as an opaque vehicle to hide assets from authorities.
The rules, taking effect on March 1, are a key step in creating a nationwide property database. They were published by the State Council, China’s Cabinet.
“All real estate assets — land, water areas as well as houses, forests and the like — will be subject to this set of rules,” the statement said.
“The rules apply to the first-time registration, changes of ownership as well as property transfers, write-offs and asset freezing, among other things.”
All governments above the county level shall designate special departments for registration in their areas and follow instructions from higher governments.
The registration will be filed electronically or in print and kept permanently, and the electronic version shall be backed up regularly, the statement said. Land and resources authorities will set up a platform to manage registration information that can be shared in real time and will be strictly confidential.
Officials have said 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, which will support the country’s fiscal and financial reforms.
Industry experts have said the rules should force corrupt officials to come clean about properties bought with ill-gotten gains.
But publication of the rules came later than expected, they said, reflecting heavy resistance from local governments and other insiders.
While information on property ownership is already collected in some form by authorities, experts said the current record-keeping system for residential property is not consolidated or comprehensive.
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