China Securities Journal under Xinhua reported that the authorities have started a pilot program in several cities to register real property rights. Nation-wide implementation may unfold next year.
Real property rights that must be registered include usufructuary rights. The owner of a usufructuary right has the right to possess, utilize, and obtain the profits from the real property owned by others. Generally, land in China is owned by the State. The usufructuary rights include the right to use state-own land, the right to occupy buildings, as well as the right to use farm land, pastures, forests and seas. Earlier this year, it was announced that all real property rights must be registered within three years.
Analysts observed that the registration is a fundamental component of China’s land reform. Further, completion of registration is a pre-requisite to legislation and implementation of real property tax.
Source: China Securities Journal reprinted by Xinhua, December 2, 2014 http://news.xinhuanet.com/fortune/2014-12/02/c_127267878.htm