Watchdog draws up new property system
A unified property registration system is being drafted by the nation’s land watchdog in a move that experts say will help fight corruption, pave the way for property tax pilot plans and protect natural resources, including land, forests and water.
Rules and regulations for the system will be issued before July, Tang Jian, director of the Land Policy Research Center under the China Land Surveying and Planning Institute, said on Thursday.
The institute is a think tank for the country’s land policy.
Tang said that establishing the system will top the agenda at the Ministry of Land and Resources, and was also highlighted in a statement issued in November after the Third Plenary session of the 18th Communist Party of China Central Committee.
The statement said the country will improve the property rights system for natural resources and administration of their use, with natural resources, such as bodies of water and forests, registered under the rights system.
Shortly after the announcement, the State Council decided to integrate responsibility for nationwide property registration with the Ministry of Land and Resources.
Hu Cunzhi, vice-minister of land and resources, told Xinhua News Agency that the move is aimed at better implementation of property laws and protection of people’s property rights.
With the new system, a unified platform will be set up, under which real estate approvals, transactions and registration information can be shared by different agencies
Although the system is expected to take effect in the next year, Dai Yinping, a land registration expert, said many issues need to be considered when launching it.
She said the property registration system should include functions such as notarization, registration, compensation and insurance.
To maintain the accuracy and efficiency of property registration, a notary department should be introduced before registration, to protect the public’s property rights, Dai said.
A compensation and insurance mechanism should be established to handle incorrect registration because compensation in such cases is usually considerable, Dai added.
Experts applauded the move, saying it will curb overexploitation of natural resources and combat corruption.