Proposed national real estate system gets boost

China launched a special leading group on Wednesday to accelerate the establishment of a national real estate registration system, according to the Ministry of Land and Resources.

Hu Cunzhi, vice-minister of land and resources and the group leader, urged the team to ensure the implementation of the system's top design during the group's joint conference in Beijing on Wednesday.

The ministry said last week that it plans to establish a national real estate registration system in about three years, according to Xinhua News Agency.

The State Council last week authorized a joint conference with nine senior departments led by the ministry.

The ministry head Jiang Daming said at the conference that the real estate registration system should protect property rights and transaction security with higher efficiency and management standards, in order to boost the market-oriented economic and financial reforms.

He stressed that the country will in four years operate an integrated management platform for registration, in a bid to realize timely information sharing and checking for approvals 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.