Notice on Further Optimizing Business Environment and Simplifying Real Estate Transaction Procedures

J.J.F. [2018] No. 182

To all concerned units:

The Notice is hereby given to further improve real estate transaction efficiency, optimize business environment, and provide more convenient and efficient services for the parties involved in transactions:

I. Shorten the time of handling

The review of qualifications to purchase a house is shortened to 1 working day.

II. Simplify transaction procedures

The verification of house resources and compulsory supervision over the funds of stock houses is canceled. To ensure both transaction security and handling efficiency, the parties involved in transactions are provided with housing information inquiry service and stock house fund trusteeship service.

(I) The real estate registration authority and housing transaction management authority provide housing information inquiry service for the parties involved in transactions of stock houses. The parties involved in transactions may elect whether to inquire housing information or not as required.

The parties involved in transactions may inquire housing information at the real estate registration authority or housing transaction management authority according to the Interim Measures for the Consultation of Real Estate Registration Materials (Order No. 80 of the Ministry of Land and Resources of the People's Republic of China).

(II) The housing transaction management authority provides fund trusteeship service. The parties involved in transactions may elect whether to place their funds under trusteeship or not and how the funds are trusted.

The Notice shall be implemented as from the date of issuing, and in case of any inconsistency with previous provisions, the Notice shall prevail.

Beijing Municipal Commission of Housing and Urban-rural Development

Beijing Municipal Commission of Urban Planning and Land and Resources Management

April 20, 2018