China Builds Property Database to Fight Speculation

China Builds Property Database to Fight Speculation

China is building a database on property ownership covering 40 cities, as part of a drive to curb real estate speculation citing an unnamed official from the Housing Ministry. The database will record ownership of newly purchased homes and later be expanded to include earlier purchases. Existing ownership databases are limited to individual cities. A national database on mortgages exists but its purpose is to aid the banking system. China has put in place a series of measures aimed at reining in property prices, including curbs on home purchases in key cities. The measures have reduced property transactions in major cities, but transactions and prices in smaller cities have risen as investors shift their focus to cities where curbs aren't in effect or are loosely enforced. The expanded database would give authorities more information on home purchases and, in turn, make it easier to apply curbs on multiple property purchases.Oxbusiness, 29th August 2011