Three authorities including the Ministry of Natural Resources ("MNR") have recently issued the Opinions on Synergistically Advancing the "Internet Plus Real Estate Registration" Initiative for the Convenience of Enterprises and the General Public (the "Opinions").
The Opinions require that cities at and above the prefecture level nationwide, and counties and cities where conditions permit, shall fully launch the "internet plus real estate registration" initiative by the end of this year, and all cities and counties across the nation should aim at making it possible to "accept applications at one window and process applications in parallel by authorities", and the time frame needed for ordinary registration matters and for mortgage registration shall be shortened to less than five working days. In addition, the Opinions make it clear that the advance notice registration regime will be implemented in all aspects, adding that efforts will be made to enable online handling first, provide real estate developers and real estate brokerage firms with access to registration ports, further streamline the registration processes, and shorten the time frame needed for registration, in a bid to provide convenience for enterprises and the public, eradicate the situation where a house is sold twice to two different buyers, and safeguard the legitimate rights and interests of homebuyers. The Opinions also propose providing financing institutions in the banking sector with wider access to service outlets and deepening the content of services. For financing, shift in mortgage, roll-over of loans, extension of loans, and the signing of real estate mortgage agreements and mortgage registration involved, "one-stop" services will be offered to realize smooth shift in mortgage and mitigate the difficulty in accessing affordable financing.