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Premier warns of collapse of housing price registration system
Central News Agency
2014-01-27 10:41 PM
Taipei, Jan. 27 (CNA) Premier Jiang Yi-huah said Monday that if a request to reconsider amendments to the Land Administration Agent Act fails to pass at an extraordinary session of the Legislature Tuesday, it will mean the collapse of Taiwan's housing price registration system. The premier said that if the reconsideration request passes, it will mean the hard-earned trust that has been built over the past one-year-and-half will remain intact. If it fails to pass the legislature, it will mean the collapse of the system.. The registry system, which records the actual selling price, was launched in August 2010 in an effort to curb speculation in the housing market. Until then, accurate information on sales prices in the housing market was hard to come by, enabling land developers and real estate brokers to manipulate prices. Under the existing Land Administration Agent Act, land agents who fail to record the transaction price or register an inaccurate price are subject to a fine between NT$30,000 and NT$150,000. But if the amendments took effect, professional land administration agents would not be punished if they correct mistakes made in registering real estate transaction prices within a legally specified period of time after being notified of a problem. That would transfer the burden of accuracy from the land agents and real estate brokers to government auditors. It will take the support of more than half of the 112 lawmakers to shoot down the Cabinet's request and keep the amendments valid. (By Wen Kuei-hsiang, Sofia Wu, Y. L. Kao and Lilian Wu)
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