The China Appraisal Society ("CAS") has recently drafted the Interim Administrative Measures for Uniform Coding for Asset Appraisal Reports (Draft for Comment) (the "Draft for Comment") to solicit comments from the units concerned by April 28, 2018.
The Draft for Comment states that asset appraisal reports issued by asset appraisal institutions will be all subject to the uniform coding policy. An asset appraisal institution shall apply for a uniform serial code for an asset appraisal report, before delivering such report to its principal. According to the Draft for Comment, to apply for a serial code, an asset appraisal institution shall provide relevant basic information, including the name of the principal, purposes of the asset appraisal, category of the appraised objects, appraisal conclusions, whether the asset appraisal report is prepared for the securities purpose, etc. However, in case that relevant information in an asset appraisal report relates to any State secrets, the asset appraisal institution does not have to submit relevant information and may directly apply for a uniform serial code. Furthermore, the Draft for Comment expressly states that, for an asset appraisal report without uniform coding, matters such as report evaluation, certification, right safeguarding resulting therefrom, the CAS and local appraisal societies will not accept and handle such matters.