China to establish real estate registration by 2017

China plans to establish a national real estate registration system in about three years, according to a statement released on Thursday by the Ministry of Land and Resources (MLR). A joint conference with nine senior departments led by the MLR was authorized by the State Council, China's Cabinet, and the first session was held on Wednesday, which resulted in the three-year plan. MLR chief Jiang Daming said that the registration system of real estate should preserve property rights and transaction security with higher efficiency and management standards, so as to boost the market-oriented economy and financial reforms. He also said that China will spend four years in operating an integrated management platform for real estate registration, in order to realize timely information sharing and checking for approvals, transactions and registration in the real estate market. The country will also accelerate the registration of rural collective construction land including homesteads, to provide the basis for reform of related markets, the minister added.