China sets up new bureau to enhance real estate tax system

China sets up new bureau to enhance real estate tax system

In a bid to augment its land management regulations, China recently set up a Bureau of Real Estate Registration that will roll out a national system of real estate registration.

The new bureau will be responsible for drafting & implementing regulations on land management as well as property registration, issuing certificates for forest land and use of islands. In addition, it will be responsible for resolving land disputes.

The establishment of the new bureau complements the National Audit Office's national property audit that aims to enhance property rights and decrease corruption in the area of land sales.

As per draft legislation, the system will be created a combined data submitted at county, municipal, provincial and national levels. The system will register real estate property, including collectively owned land, homes and buildings, forests, farmland and grasslands.

It will include various real estate rights, including general land use rights, construction land use rights, water use rights and mortgages.

However, the system will not be transparent to the public as it will be available only to government officials who require the information on property ownerships for legal and financial matters.

Property real estate registration system, which will allow the government to easily share information on ownership of properties, is a big step toward establishing a strong property tax regime.

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