Government to set up property database
January 30, 2012 Category Real estate, Weekly
The central government is setting up a national database on individual property ownership, raising hopes that curbs on home buying will be removed, allowing transaction volumes to rebound. The database, covering 40 key cities, will come on stream by June and allow the government to monitor and control speculation more effectively. The Minister of Housing and Urban-Rural Development, Jiang Weixin, said the system would enhance transparency in property transactions. “This is an important step towards strengthening and improving real-estate regulation.” Jiang had earlier said the home purchase limits now in place were the last resort to curb runaway property prices and would be phased out after the national database on individual property ownership was established. Forty-six cities, including Beijing, Shanghai and Guangzhou, now limit buyers to two flats. Analysts were upbeat at news that the database would be set up by June, saying it would eliminate the need for purchase restrictions and help raise transaction volumes. The central government also plans to finalize plans to roll out new property taxes in other cities after evaluating the impact of pilot programs in Chongqing and Shanghai, with the aim of phasing out the current curbs on property purchases. He Keng, Deputy Director of the Financial and Economic Affairs Committee of the National People’s Congress (NPC), said that prices needed to fall another 30% to reach a “reasonable” level, the South China Morning Post reports.
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