The Guangzhou Municipal Land Resources and Housing Administration has announced that the Regulations on the Transactions of Properties Online will take effect on January 1, 2011. This means that from the beginning of next year, all property transaction agreements will be signed online.
The online system for property transactions will be linked up with the information systems of local financial, taxation and housing administration authorities. It will enable local tax authorities to access taxpayers' bank information on a real-time basis, thereby forestalling potential collusion between the buyer and seller of a property in an attempt to evade taxes.
