China has finished building a national and unified system for real estate registration in a landmark move that will boost transparency in ownership. In 2014 China issued rules requiring real estate ownership to register their holdings with authorities but faced heavy resistance from local governments unveiling to open up their books.
A unified real estate database for their 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.
China has completed the system after 10 years of hard work Xinhua reported citing Minister of Natural Resources Wang Guanghua. More than 790 mn real-estate registration certification has been issued nationwide over the past decade.
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.