The State Council has released a set of provisional regulations on real estate registration, that will take effect on March the 1st next year.
According to the State Council, the new rules will mark the beginning of the country's real estate registration work, to be guided and supervised by the land and resources authorities. Land and resources authorities will establish a platform to manage registration information that can be shared in real time and will be strictly confidential.
The new nationwide property registration system is expected to help protect ordinary citizens’ property rights, discourage speculative home purchases and help expose and deter corruptive practices at the same time.