Property Registries to be Consolidated into One Agency
The Central Government is planning to consolidate scattered property registries in one single agency, that some say is a move that is instrumental in hosting a policy objective from controlling a property market and to crackdown on corruption. During a meeting that was chaired by Premier Li Keqiang and with the State Council have decided to give the Ministry of Land and Resources complete authority over the registration of buildings, lands, forests and coastal waters.
A database will be created by the Central Government to help distribute information sharing on transactions registrations and other administrative approvals on real properties in different departments. This will allow the public to inquire on information that will safeguard legitimate rights. China has viewed ownership of building and land found on the same land as different interests and has maintained a separate registration system. Buildings will be registered under the Ministry of Housing and Rural Urban Development and the land that the building is built upon will be registered with the Ministry of Land and Resources.
By creating a centralized registration system will make it easier for the expansion of property tax to more cities since property ownership is now easier to trace. The database will also simplify efforts to monitor home purchases and is more precise in creating measure to help cool down the property market.