China’s Property Tax
The Ministry of Natural Resources announced on April 25, 2023, during the National Conference on the Registration of Natural Resources and Real Estate Rights, that China implemented a new unified property registration system, which is being adopted nationwide to improve real estate transaction efficiency, better protect the legal rights of property owners, and lay the foundation for property tax collection.
The unified registration system will significantly enhance the access of real estate information, allowing buyers and sellers to query real estate information faster. With the new system, it will be possible to access up-to-date information on properties across the country, including ownership information, property values, and mortgages.
The benefits of a comprehensive and reliable real estate registration system are to provide the buyers greater transparency and trust in the market, assuring them access to accurate and up-to-date information when making purchasing decisions, while for the sellers would offer a more efficient and streamlined process for registering and selling their properties, reducing the related time and cost involved.