The State Council will conduct inspections of China’s real estate transaction registrations as part of efforts to improve information gathering on the country’s nationwide property market, and lay the necessary foundations for tax reforms in future.
The “State Council Notice Concerning the Undertaking of the 2018 State Council Major Inspections” (国务院关于开展2018年国务院大督查的通知) has just been released, outlining 7 indices for survey and assessment across 31 of China’s province-level administrative entities, including “real estate transaction registrations.”
“This is far from the first time that inspections of real estate transaction registrations have been conducted,” said Zhang Bo (张波), chief analyst for 58 Anjuke’s real estate research institute to Securities Daily. “However, its inclusion in the major inspections of the State Council is a further clear indication of the importance with which the government views the real estate market.”
Yan Yuejin (严跃进) of Shanghai E-House Real Estate Research Institute said that the main reason for the inclusion of real estate transaction registrations was due to the large number procedures that transaction registration involves.
According to Yan inspection and guidance of these procedures will be of benefit to expediting the efficiency of transactions, as well as reducing the costs for all parties to property transactions.
A timetable for the registration of immovable property was set in China in 2014, with the establishment of a foundational system for unified nationwide registration.
Transition towards the unified registration system commenced in 2015, with comprehensive implementation in 2016.
In 2017 the immovable property registration information administrative basic platform (不动产登记信息管理基础平台) commenced operation, leading to the establishment of a unified registration system for immovable property in China.
Zhang Bo said that bringing together real estate data on a nationwide scale would be of benefit to better understanding China’s property market, permitting more effective and targeted policy adjustments, as well as laying the necessary foundations for further real estate tax reforms in future.