The Chinese economy has seen a sizeable rise in its global ranking for property registration according to a new report on international business environments released by the World Bank.
The World Bank’s 2019 “Doing Business” report puts China 27th in the world out of 190 major economies for registration of property, for an increase of 14 spaces compared to its ranking of 41st in 2018.
According to the report the registration of property in the two key cities of Beijing and Shanghai requires 3.6 procedures and 9 days time on average, with costs accounting for 4.6% of property value.
The 2018 report indicates that property registration in these two cities took 4 procedures and 19.5 days.
Registration of property is considered a key metric for measuring the business environment of a given economy, with World Bank’s index mainly assessing procedures, time periods and handling costs for the purchase of land, real estate and other fixed assets on the secondary market by businesses.
According to the World Bank the rise in China’s property registration ranking is the result of a series of reform measures in Beijing and Shanghai, including simplification of registration procedures, the strengthening of the reliability and transparency of the land management system and greater coordination between departments.
China’s overall ranking for doing business was 46, while it ranked 28th for starting a business,121st for dealing with construction permits, 14th for getting electricity, 73rd for getting credit and 64th for the protection of minority investors.