Chinese System to Track Property Ownership

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China plans to create a system to monitor national real estate ownership and sales transactions, a move that could cool the property market. 

A national system could prelude a broad property tax in China for the first time, as well as monitor government officials who purchase and own multiple properties despite restrictions.
 
"This is a tough task," said Xu Deming, vice minister of land and resources, according to the ministry's website. This system is important for China to safeguard the interests of the public and to ensure sustainable economic growth, Mr. Xu said.

Details were not given on whether the system would also track the ownership of commercial property as well as residential property. 

Currently there are many local systems that are not linked, reducing the opportunity to determine property ownership. 

Last November, the State Council said that nine separate real estate registration processes would be combined into one system monitored by the Ministry of Land and Resources, according to The Wall Street Journal. 

With an ownership system, it would be easier to implement property taxes, which are seen by officials as a sustainable solution to control the market. 

Average new home prices increased 12 percent in December, the largest gain in 2013. The high home prices have led to a "rat race," which are Chinese locals living underground because of diminished home affordability.