Twenty measures to benefit the people Guangzhou Land Resources and Urban Planning Committee introduces “e-Registration” services

　　“No trips needed” to de-register real estate mortgages, establishing expedited channels for key agricultural and rural projects, reducing processing time by 70% for mortgage and financing by small and medium enterprises… The Guangzhou Land Resources and Urban Planning Committee has studied and implemented the spirit of important speeches by President Xi Jinping during his inspection to Guangdong Province, held high the banner of reform and opening-up in the new era, continues to deepen comprehensive reforms, increase openness and advance real estate registration work with more resolute confidence and stronger measures, improved “real estate registration + financial services” mechanisms and established the real estate “e-Registration” service.

　　On October 30, 2018, the Guangzhou Land Resources and Urban Planning Committee, together with the Guangzhou office of the Industrial and Commercial Bank of China (ICBC Guangzhou), the Guangzhou office of the Agricultural Bank of China (ABC Guangzhou) and the Guangzhou office of the China Construction Bank (CCB Guangzhou) held the awarding ceremony for the “Guangzhou Real Estate e-Registration Service Branches Applications”. Guangzhou real estate “e-Registration” aims to make online real estate registration easy and fast. The e-Registration scheme has initiated the Registration Reform 2.0 model.Members of the public perceive all transactions related to real estate to be part of the same matter. In line with this standard, Guangzhou will integrate relevant processes, shorten processing times, reduce transaction costs and upgrade the “no trips needed” model to the paperless “no trips needed” model through online document submissions and delivery of certificates by post. Real estate registration agencies will no longer require hardcopy documents to verify applications, banks participating in the pilot trial will no longer require hardcopy real estate registration documents to review loan applications or real estate registration certificates before dispensing funds.

　　In the “e-Registration” model, the Guangzhou Land Resources and Urban Planning Committee will work with ABC Guangzhou and CCB Guangzhou to jointly roll out the “Pro-Agriculture Financing e-Registration” and “Inclusive Finance e-Registration” services, with the key goals of addressing the difficulties that agricultural and rural projects and small/medium enterprises face in financing, thus improving the quality of financial services.

　　Establishing expedited channels for the financing of key agricultural and rural projects

　　In order to implement the rural revitalization strategy and promote Internet financial services for rural villages, rural residents, and the agricultural industry, ABC Guangzhou has vigorously pushed forward “no trips needed” and remote approvals for loan applications by agricultural and rural projects. Through online platforms, the bank will be able to retrieve real estate registration records, including information on real estate titles and restrictions on property rights. In addition, through the introduction of relevant services at its various branches, the bank will gradually incorporate registration transactions related to loans into the scope of online services, such as the registration of transfer of new and existing housing units.

　　ABC Guangzhou will establish expedited channels for key agricultural and rural industries and fields supported by the government, as well as the financing of improving projects related to the welfare of the people, realizing joint contribution, mutual benefit and shared governance between the bank and the government in addressing financing problems faced by farmers, villages and the agricultural industry.

　　Statistics show that after the integration of services, at least five steps have been cut from the financing process, from initial application to loan issuance, speeding up the process by 12 working days. Fewer required documents, faster applications and lower costs have cut the costs incurred by intermediary guarantors providing credit enhancement services. Based on a rate of 10%, these companies will be able to save CNY 1 billion each year.

　　Financing for small and medium enterprises at the “Guangzhou speed”

　　China’s small and medium enterprises contribute 50% of tax revenues, 60% of GDP and account for 80% of total employment. However, their development has long been constrained by difficulties in securing financing, high interest rates and slow approvals. CCB Guangzhou has joined the Municipal Planning and Natural Resources Bureau in establishing the “Inclusive Finance e-Registration” service to lower financing costs for small and medium enterprises and improve the efficiency of financing.

　　Reporters learned that, in the past, loan applications not only required enterprises to dispatch employees to physical service counters at real estate registration agencies to retrieve information regarding the status of real estate to be mortgaged, but also required the issuance of various hardcopy documents such as property title certificates. These procedures were complicated and time-consuming. The “Inclusive Finance e-Registration” service aims to extend the services available at real estate registration service counters through CCB’s branches. CCB will not only be able to retrieve real estate registration information online, but also directly apply to register rights to real estate mortgages or apply for de-registrations. This overcomes the predicament for enterprises and members of the public who had to make multiple trips to visit service counters in person and print hardcopy documents, and allows “no trips needed” transactions to be carried out.

　　Statistics show that through the “Inclusive Finance e-Registration” service, small and medium enterprises now need only submit half of the original list of documents required. Loan processing times have been shortened by more than 70% while time needed to process mortgage de-registration has been reduced by more than 90%. Small and medium enterprises may now complete loan applications in as little as one day.

　　“e-Registration” service may be gradually rolled out to all banks

　　On July 2 this year, the Guangzhou Land Resources and Urban Planning Committee worked with ICBC Guangzhou in a pilot trial of “no trips needed” mortgage de-registration services, which was well received by the general public.

　　With both ABC Guangzhou and CCB Guangzhou joining this pilot trial, the Guangzhou Land Resources and Urban Planning Committee hopes to gradually extend “Real Estate Registration + Financial Services” to the subdistrict level as well as bank branches by leveraging the physical presence of these three banks and real estate registration service branches in subdistricts. This would provide better services to rural residents, rural regions, small and medium enteprises, as well as the agricultural industry.

　　According to officials from the Guangzhou Land Resources and Urban Planning Committee, Guangzhou will continue to expand the coverage of “no trips needed” and remote approvals with respect to real estate registration, as well as gradually expand the pilot trial to all financial institutions and development projects in central urban districts. Pilot trials will also be gradually rolled out in peripheral regions. The municipality will take a multi-pronged approach in promoting the sharing of relevant data, overhaul transaction workflows, greatly streamline the list of documents required for applications, shorten processing times, reduce the tangible and intangible costs on enterprises and members of the public, further realize the integration of all estate registration transactions in one network, and increase the people’s sense of gain.