The Shanghai municipal government will implement a unified real estate registration system across the city and cease issuing property ownership certificates starting October 8. The new regulation will be applied to properties including commercial buildings, farmland and also forests and maritime areas.
The new system was first carried out in Shanghai's Fengxian district in June. By September, Fengxian had already issued 7,380 ownership certificates and 11,166 real estate registration certificates.
The regulation could have an impact on property prices, but industry experts said it would be very small. Lu Wenxi, an analyst at Centaline Property, pointed out that the new system did not drive up prices in pilot cities. Lu added that the primary concern for property owners is that the authority may charge them additional property tax.
