Under orders from the central government, all mid- and high-level officials in Beijing must now register their property ownership, according to a news report Tuesday from China’s 21st Century Business Herald.
The report said this may have caused some so-called panic dumping of properties in the Beijing market, sending prices for existing homes falling since the beginning of this year.
“More owners have been hurrying to sell their properties by cutting prices,” the report said.
The move is in line with China’s recently announced plan to establish a national real-estate registration system, in part to crack down on corrupt officlals holding illicit wealth, as well as to possibly pave the way for a nationwide property tax.
The report cites Li Shixiang, Beijing’s executive deputy mayor, as saying that the regulation may mark the beginning of a stricter assets-declaration program for officials in Beijing.