THE city government's online reporting system for sales of new houses will be extended to the second-hand housing market this month.

The system aims to regulate the booming market in Shanghai by improving information transparency.

The online platform will cover the whole process of housing transactions - involving property inventory records, sale prices and contract signings.

Data collection will begin this month and the official Website is expected to be launched next year.

The new system will mean all required information on second-hand house deals must be recorded online before the owner's name can be changed on the register at local transaction centers.

The online platform will allow the government to better track and summarize the transaction information in the second-hand market.

The government, which started last year to publicize new-house supply and sales information online by collecting information from developers, has been unable to compile the fragmented information from the second-hand market.

A significant number of home sellers and buyers clinch deals without using brokers, which makes it more difficult for the government to collect information.

The more information the government has, the better policy on the real estate industry such as land supply and tax levies can be made.

Transparent market information will also provide clear guidance to help investors make rational investments.

As the city's new-house supply has started to slow after years of booming construction, the market size for second-hand houses is estimated to be almost the same as that for new houses.

Shanghai has released little land for residential use since the second half of 2004 and the government has since introduced tightened measures in property development.

Source:佚名