National real estate registration system completed

China has finished building a national and unified system for real estate registration, the official Xinhua news agency reported on Tuesday, in a landmark move that will boost transparency in ownership, reports Reuters.

In 2014, China issued rules requiring real estate owners to register their holdings with authorities but faced heavy resistance from local governments unwilling to open up their books.

A unified real estate database for the entire country is seen as vital for the central government to regulate the housing market and also force corrupt local officials to disclose multiple properties purchased with illicit funds, industry experts say.