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ShanghaiHousing

Shanghai Property Rights and Real Estate Brokerage Industry

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Shanghai is a metropolitan financial centre where state-owned assets and private-sector assets are gathered, and where large number of property-rights transitions took place during the restructuring of economy and businesses, property rights brokerage agencies came into being as the situation required.

In 1994, Shanghai Urban and Rural Real Estate Exchange Centre was established, accepting 38 property rights brokerage agencies as its members.

The centre undertook urban and rural property rights transactions in the collective economy at the township and village levels, achieving a transaction value of 570 million yuan in 1994, This initial experiment helped bring about the property rights brokerage industry.

In 1996 the centre was transformed into Shanghai Assets and Equity Exchange, providing services mainly the reconstruction of state-owned enterprises in Shanghai.

Meanwhile, Shanghai Municipal Property Rights Transaction Administration Office was established.

Thus, a three-in-one operating mechanism was formed, its three components being the market, government supervision, and institutional participation.

As of 1996, there had been 56 property rights brokerage agencies with transaction value of 4 billion yuan.

In 1998, in order to regulate property rights transactions and optimise resource allocation, Shanghai Municipal People's Government issued Administration Measures for Shanghai Property Rights Transaction. In December 1999, Shanghai Technology Transfer and Exchange was formed, and as one of the early organisations in China that dealt with transactions concerning technology and intellectual property rights, it provided services for mainly new high-tech enterprises.

In December 2003, Shanghai Assets and Equity Exchange and Shanghai Technology Transfer and Exchange were merged into Shanghai United Assets and Equity Exchange.

From that time the property rights market in Shanghai began to spread to other regions of China, expanding its business along the way. In 2004, Shanghai Municipal Peoples Government revised and issued Administration Measures for Shanghai Property Rights Trading Market, In 2005 the state-owned assets supervision and Administration Commission under the state Council promulgated Provisional Measures for the Transfer of Enterprise State-Owned Assets ratifying Shanghai United Assets and Equity Exchange to be one of the market platforms where property rights transaction projects of central enterprises were performed, and also to be the governing unit of the common market for property rights transaction Changjiang River Region.

Shanghai Property rights trading market has persisted in principal agent system. The Property rights brokerage agencies which provided intermediary services involving state-owned property rights in enterprises were selected and confirmed by Shanghai Property Rights Transaction Administration Office, together with Shanghai Municipal State-owned Assets Supervision and Administration Commission.

At the end of 2008, there were 146 agencies in the property rights brokerage industry in Shanghai, of which 88 were selected and confirmed to provide intermediary services concerning state owned property rights.

Also in 2008 the annual transaction value of the property rights market in Shanghai was 107 billion yuan, ranking first in the country, and earning revenues from around 140 million yuan.

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