By Sun Hui Updated: 2016-08-25
The city of Karamay in Xinjiang Uygur autonomous region will begin to implement its first unified real estate registration system on Aug 26. This change is part of a national campaign to regulate the real estate market.
Home owners in Karamay should register their properties with the local land and resource bureaus. This will streamline the system and not only make housing transactions more efficient but also minimize the potential for unlawful property market behavior to take place.
Previously, individuals wishing to sell their property required several different types of documentation. However, under the new legislation home owners will only need a property rights certificate in order to transfer property.
Zhang Zhiping, a researcher at the Karamay real estate registration bureau, has discussed the important developments and explained how these new measures will affect local citizens.
“The change to the property right certificate will have little influence on housing prices and house transactions. These new rules will ensure that properties owned by Karamay residents are properly documented and this will ultimately save a great deal of time and money.”
The local authorities are expected to open more transaction windows in order to deal with the anticipated increase in real estate registrations. Additional information will be provided through official social media channels.
