Shenzhen launches property registration

SHENZHEN - China's southern boomtown Shenzhen on Tuesday began its unified property registration as part of a national push for regulating the real estate market.

The decision has been approved by the municipal government, according to the Urban Planning, Land & Resources Commission of Shenzhen, Guangdong Province.

The State Council, China's Cabinet, issued the property registration regulation in December 2014, which analysts say will shed light on corrupt officials' illicit assets, protect ownership and make it feasible to levy property taxes.

The regulation stipulates that property be registered to create a nationwide database accessible during property transactions and among government agencies.