China will start rolling out a long-awaited property registration system in 2016, cataloging ownership of real estate throughout the country, the Beijing News reported Tuesday, citing the Ministry of Land and Resources.
The system will lay the foundations for a nationwide property tax, according to Chen Guoqiang, deputy chairman of China Real Estate Society.
Officials will firm up rules for the system this year and have a registration platform up and running before 2018, the report said.
Chen was quoted as saying that property prices are unlikely to fall sharply once the registration system is in place because the public will not have access to individuals’ ownership data unless those individuals break the law or come under investigation.
Some observers had suggested that prices would drop as owners offloaded property to avoid the system’s scrutiny.
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