New system processes house purchases online
Purchases of existing homes can now be completed online without property brokerage agents, according to a statement posted on the official website of the city's housing administration bureau, www.fangdi.com.cn.
The move to improve convenience for the public and effective from Tuesday, is the latest effort by the local government to improve its business environment and services.
Previously, buyers and sellers of lived-in units had to visit real estate transaction centers around the city to complete the deal if they didn't want the involvement of an agent.
"It's definitely good news because people usually have to wait for hours at transaction centers before getting their turn to go through all the procedures," said Lu Wenxi, a senior researcher at Shanghai Centaline Property Consultants Co.
"The initiative can save significant time for both parties involved in the deal and greatly benefit sellers and buyers who are acquaintances and have trust in each other."
The online real estate transaction service is available on the Government Online-Offline Shanghai portal, the city's integrated e-governance platform.
In a normal month, about 20,000 existing homes change hands in Shanghai.