Property Registration System Complete, Paving Way for Taxes...Eventually

ECNS: China's nationwide property database comes into effect
China's long-expected national property database has started to connect information stations across the country, according to Ministry of Natural Resources.

There have been 3,001 property registration stations in 335 cities and 2,853 counties serving more than 300,000 enterprises and individuals averagely each day, according to latest statistics.

The unified real estate database not only helps simplify the whole registration procedure, but also facilitates the real-time disclosure of property owners' holdings, which has been regarded as vital for property market management and a major step to fight against corruption.

With the national database, individual ownership of houses and house mortgage records in China will be traceable so speculation will be effectively restrained under the country’s property-purchasing limits.
How much rule avoidance has been going on? We'll soon find out.

Global Times says property taxes are finally on the way: China's new property registration system heralds impending property tax: analysts
China's nationwide immovable property registration information system has been established and become fully operational, China Media Group (CMG) reported over the weekend, fueling speculation that the country's property tax will debut soon.

Experts said the nationally connected system will help anti-corruption efforts but will have a modest effect on home prices.

..."However, the property tax is not likely to land in the short term and 2020 would be a riper timing for it," Yan said, citing the slow progress in lawmaking and tax reforms - prerequisites for the implementation of such a tax.
Maybe the early 2020s.

CCTV discusses the risk to potential home prices: 央视解读:不动产登记体系全面运行 房价会下跌?
Will real estate prices fall after real estate registration is introduced?

Many people think that registration of real estate will be a potent drug that will make house prices drop rapidly. In this regard, relevant experts told reporters that the introduction of real estate registration system on the impact of housing prices is not as large as imagined, because real estate registration system does not directly affect the price.

This time, our country's unified registration of real estate is the registration of the original scattered in different departments, and it is integrated into a platform, a system, and a set of certificates. It may not have obvious impact on house prices.

The price itself is also affected by various factors, including the economic situation, financial environment, supply and demand, and even corresponding policies.

No comments:

Post a Comment