China's property registration authority takes shape

GMT 02:34 2014 Thursday ,21 August

Arab Today, arab today China's property registration authority takes shape

Property registration
Beijing - XINHUA

China's Ministry of Land and Resources has finalized the framework for a property registration bureau, ministry officials said Wednesday.
The bureau will shoulder ten key tasks with 24 staff in six offices, according to a ministry plan approved by the central authority for the organization of government departments.
The government has been trying to set up a national property ownership database to enable them to know who owns what. The system will make it easier to levy property taxes, which is widely expected to curb speculation in housing market.
The State Council earlier this year asked the Ministry of Land and Resources to propose a property registration system by the end of June.
On July 30, the State Council said it discussed a draft of an interim regulation on property registration, which will be publicized to solicit public opinion.
A national real estate registration system should be established so registration information can be shared among government departments in real time, the draft posted on the Legislative Affairs Office of the State Council said.
Members of the public can make comments before September 15.
The registration information will be shared between public security, civil affairs, taxation, finance and audit authorities in addition to government departments concerning land resources, industry and commerce. It will not impact the rights of property owners.
It would allow the government to access and copy relevant registration information during investigations, but such information would not be made public without consent of property owners.

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