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China to set up first nationwide property registration database

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The State Council on Monday issued long-awaited new real estate registration regulations, which aim to curb corruption by preventing government officials from concealing their ownership of properties.

The regulations, which will take effect from March 1 next year, will help form China’s first nationwide real estate registration database. Previously this information was gathered by local authorities, who did not always share that information effectively.

The new rules will regulate the collective ownership of land, the ownership of buildings and forests, contracted land management rights, and other rights related to the use of construction land, homesteads and maritime areas.

Land and resource authorities will establish a platform to manage the registration information gathered. Related authorities and individuals will be able to apply for access to this information.

Real estate experts have been demanding these kind of regulations for years, saying that it could help to reduce property speculation and assist authorities in their fight against corruption, Hu Xingdou, a social science professor at the Beijing Institute of Technology, told the Global Times Monday.

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