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Pre-owned property transactions to be recorded online
7/12/2006 16:20

Wendy Zhang/ Shanghai Daily news

Starting from January next year, all the city's second-hand property transactions will be recorded online, as part of the government's move to enhance supervision of the real-estate market.
Property agencies are also required to register via the Internet before releasing property information. The transactions, which are not recorded online, will not be accepted by the Shanghai Real-Estate Trading Center.
Residents will feel much safer in purchasing pre-owned homes, as they can investigate the qualifications of property agencies and other necessary information on the property transaction Website ( before signing the deals, said an industry analyst.
All the property agencies will have transaction terminals in their outlets where housing buyers, sellers and agencies can sign deals and record them with the Shanghai Real-Estate Trading Center.
From December 18, property transaction registration offices in Jiading, Songjiang, Jinshan, Nanhui, Fengxian, Qingpu districts and Chongming County will suspend the registration of second-hand property transactions that are not recorded online. The move will be expanded citywide from January 1, 2007.