To: Snowshoe who wrote (105720 ) 4/21/2014 7:16:44 AM From: TobagoJack Respond to of 217577 Am guessing that some heretofore hoarded real estate shall soon come onto the marketonline.wsj.com China Gives Timetable for National Property Registry SHANGHAI—China's land ministry said a nationwide property registry will be operational before 2018, in a move that could help stem corruption and discourage speculative home buying. "China is developing the foundation of a unified property registration system this year. In 2016, it can establish the property registry and before 2018, the platform for information management will be operational," the Ministry of Land and Resources said in one of its online publications. While a national registry has been widely anticipated, this is the first timetable the ministry has offered for the system, which would allow the government to keep track of home ownership. Many local governments in China have restricted purchases of second or third homes, but they have little information on homes purchased in other cities. Multiple-home purchases by corrupt officials have damaged the reputation of the ruling Communist Party, and a national registry would make this form of corruption less attractive, analysts said. A lack of transparency in real-estate ownership has allowed corrupt officials and well-to-do businessmen to amass large amounts of property, driving up prices at the expense of low-income earners who are unable to find affordable housing, analysts say. Analysts have also said the registry will probably precede the expansion of a property tax, now being used on a trial basis in Shanghai and Chongqing. Also, analysts have described Beijing's progress in rolling out this registration system as slow. The registry is meant "to protect the property rights of individuals, which is the precondition and foundation of a market economy," the ministry said in its statement. It added that more reliable and accurate data from such a registry would also help "improve administrative effectiveness." Property developers have also complained about incomplete information about land zoning, saying some local authorities have sold massive amounts of land without considering a possible oversupply of housing and commercial development. China's real-estate market has slowed considerably since the start of the year, with home prices in more cities weakening and housing sales declining 7.7% in the first quarter of 2014 from a year earlier. Analysts said a tighter mortgage environment, a glut of apartments in smaller cities and slower economic growth are contributing to a sluggish property market.Write to Esther Fung at esther.fung@wsj.com