China issues draft rules for property registry

By Dow Jones

The Ministry of Land and Resources, the Ministry of Public Security, and the tax and statistics bureaus are among the government departments that need to improve information sharing, the document said. "The central government is telling the market that it is taking steps to prepare for the expansion of the property tax," said Johnson Hu, an analyst at CIMB Securities. "Ordinary people in China aren't used to the notion of paying property taxes and there needs to be a gradual introduction of this tax.

Interested parties, however, can apply to the registry for information, the draft rules said. "During investigations, the departments and individuals are not allowed to use the information for other uses," the document said. "Without the consent of the property owner, they are not allowed to leak the information to the public," it added.

Read more here: Business Spectator


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