China is expected to roll out long-awaited property registration rules before the end of this year, helping to shed some light on the assets of officials and their families, the Economic Observer reported Monday, citing an official from the Ministry of Land and Resources.
Under draft rules to be submitted to the State Council soon, the nationwide system will be linked to an asset declaration registry for government officials as well as the marriage registration system. The data will be shared between government agencies, including the public security and procuratorate departments, the paper said.
The public will be able to use the system to make limited queries about home ownership, a change that is expected to affect senior officials and help tackle corruption, the report said.
Hu Jinghui, vice president of property agency 5i5j, was quoted as saying that the move could cause panic sales by some officials and increase supply on the secondary home market.
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