Real Estate Transaction Processes Supported By Information System Under The New Property Law In China

With the development of socialist market economy, profound changes have taken place in the real estate or housing market system in China. Nowadays, the real estate industry has been now developing very fast. And the situation in real estate market is increasingly complex. In order to regulate the informal real estate market and constraints on the property right, there have been many land related-laws and policies enacted and published with the hope of effective real estate market development in China. Recently Property Rights Law of the People's Republic of China was published on March 16, 2007, and came into effect since October 1,2007.The aim of this research is to analyse the implications of property laws on the real estate market that the institutions would face changes in their organization processes for real estate transaction while implementing property laws. Additionally it also analyzes how new Geo-ICT would support new processes efficiently and effectively based on the published New Property Law.Firstly, the analysis of the real estate market showed that the consumers are not satisfied with the information transparency in the real estate market. And the consumers need official information about the real estate objects. So the government intervention as non-market activities is necessary to make the market reliable. Three main activities of government are identified: laws and regulations as intervention, land and house regulation as intervention, and the real estate information collecting, maintaining, and publishing. Secondly, the changes about structure, processes, and the tasks of Land Resource Bureau and Real Estate Administration Bureau in Xi'an and Changsha were described and analyzed. The structures of the Land Resource Bureau and Real Estate Administration Bureau are not changed, however, the transaction processes and tasks are changed obviously. Thirdly, the main changed transaction processes are discussed under the new property law. The information system supporting role and conditions to use the Geo-ICT are described. In the end, one transaction process "pre-sale contract transaction process" is modelled and tested using UML and USE tools to prove the result if the process is designed well and can be worked within system environment.