China on Friday issued draft rules for a property-registration system, a step that would help the government track homeownership. While the registry could be used in government investigations, the public would have limited access to it.
The property-registration system had been widely anticipated as a tool that would help discourage speculative home purchases. It is also seen as a step toward the rollout of a property tax, currently implemented only on a trial basis in the major Chinese cities of Shanghai and Chongqing.
In China, a lack of transparency in real-estate ownership has allowed corrupt officials and well-heeled property investors to amass large amounts of property, and concerns about confidentiality have hampered the progress of a national property registry.
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Esther Fung, Wall Street Journal via CHINA US Focus http://ift.tt/1Bkzu73
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