China has fully realized the unified registration of immovable property, Minister of Natural Resources Wang Guanghua said Tuesday.
After ten years of efforts, the country has established a unified registration system that covers all types of immovable property rights, Wang said at a national work conference on natural resources and immovable property registration.
In March 2013, China decided to set up an agency for the unified registration of immovables and to integrate related responsibilities assigned to multiple departments. It proposed to unify registration administration, documents, and certificates, as well as the information platforms.
Over the past ten years, China has issued more than 790 million immovable property rights certificates and 360 million registration documents, official data showed. The country slashed the time required to make regular or collateral registrations to no more than five days, down by 83 percent of the average time in 2015.
China has completed property registrations for all households relocated to shake off poverty and ownership registrations for 413 million mu (about 27.5 million hectares) of state-owned land for agricultural cultivation.
China’s property registration, perfected over the years, has lent better protection to property rights and enabled safer transactions, forming a stronger foundation for the socialist market economy regarding property rights, Wang said. To promote rural revitalization, Wang called for solid efforts to implement registration for contracted management rights and management rights of land in rural areas. The registration and certification of homestead ownership should be completed in three to five years, he added