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Registration rules on property may help fight graft
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CHINA will implement long-awaited property registration rules from March, a Chinese media outlet said yesterday, in a move that could give the country’s anti-corruption investigators extra ammunition and pave the way for new taxes.
Under a draft of the regulations published in August, a national registration system will be established to share information such as property location, area and origin of ownership among government departments including police, taxation and audit authorities “in real time.”
The rules have been approved by the State Council, China’s Cabinet, and will take effect from March 1 “despite various hindrances,” news portal thepaper.cn reported, citing unidentified sources.
The system could potentially act as an anti-corruption tool by preventing officials from hiding their assets.
It could also pave the way for nationwide real estate taxes, which are regarded as an effective way to curb speculation, after the country saw years of surging house prices.
But at the same time, prices for real estate — a key driver of the economy — have been falling for months, and authorities want to avoid a disorderly plunge in the market.
The scheme was included in a landmark property law in 2007, but Chinese media have said its specific rules have been long delayed due to their sensitivity and complexity.
The Ministry of Land and Resources, which is in charge of the registration, has said it aims to have the system operating by 2016.
Public outrage is intense over corrupt government officials who have sought to hide wealth by illegally amassing dozens of homes under false identities.
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