(ECNS) -- Shanghai will start property registration on Oct. 8 to standardize and clarify ownership titles, according to the municipal Planning, Land and Resources Administration.
The city began a property registration system in Fengxian district during June and plans to expand it to the entire city this month. The move follows similar programs in other cities including Fuzhou in Fujian Province and Nanjing in Jiangsu Province.
Real estate expert Xue Jianxiong said the new effort at property registration will solve many historical issues related to household rights, clarifying property rights of some older properties without certificates and those built before 1949 with many owners.
Registration will also pave the way for the government to levy property taxes in future, said Lu Wenxi, an analyst with Centaline Property Agency.
It will normalize the real estate market, according to Zhang Donghua, an expert with E&H Co. "In the long term, a more standardized market will have more healthy development," he said, adding that "It would also benefit the development of the real estate assessment industry."
Experts say the registration should not affect housing prices in the city, which saw rapid growth despite measures to cool down.
