China issued new rules on Monday requiring owners of real estate and other unmovable assets to register their holdings, giving authorities a powerful new weapon against corruption.
The State Council, China’s cabinet, has ordered the land ministry to establish a unified registration system for real estate, the lack of which has enabled corrupt officials to stash their wealth in real estate with little risk of discovery.
The system will also aid the rollout of a property tax, which is being tested in the cities of Shanghai and Chongqing.
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