Wednesday, August 20, 2014

China solicits public opinions on rules to order real estate registration.

China is soliciting public opinions on a proposed guideline for real estate registration as part of its effort to create a unified platform where state, province, city and county level governments will be able to share real-time information.
From now on till September 15, suggestion or advice can be sent to a designated website, or by mails and emails, the Legislative Affairs Office of the State Council said in a statement posted today on its website.
According to the proposed guideline for real estate registration, the ownership as well as other legal information regarding real estate, which includes land, maritime space, buildings and forests, should all be registered with certain registration organizations.
The initiative, when fully implemented, is expected to leave significant impact over the country's real estate market as it will allow the government to track down all properties in the market when imposing austerity measures, 21 Century Business Herald reported, citing an industry analyst. At the moment, only those undergoing transactions are usually covered, the newspaper said.