Chinese Officials Plan to Build Housing Database

30 August 2011

Officials in China are to build a database giving information on property ownership. The database will share information amongst 40 cities, and should reveal who is buying several properties in these cities. They are hoping that analysing these records will show how money is flowing from one city to another, so that the information can be used to reduce speculation.

 

Apparently there is no clear picture of the property market in China, because there hasn't been a national housing census since 1985. Records on transactions are often kept in different departments, so information on property transactions tends to be incomplete.

 

The government in China is still trying to cool the housing market here, and officials in Taizhou City, in East China’s Zhejiang province have just released new regulations to limit house purchases.

 

These latest regulations mean that anyone applying to buy property here has to get a property check from the authorities, and must be able to provide records of personal income tax or social insurance paid in the city for at least one out of the two previous years.

 

Property prices in this city have increased substantially over the last few years. This is mostly due to an influx of buyers from cities that have already imposed regulations. Because of this, second and third tier cities are being advised to impose limits on purchasing in the near future. At the moment more than 20 second and third tier cities have already imposed purchase limits, and more cities are likely to follow their lead.

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