Premier Jiang Yi-huah (江宜樺) yesterday called on the Legislative Yuan to reconsider an amendment to the Land Administration Agent Act (地政士法), which was enacted on Jan. 3, citing concerns about how it would affect the registration system of actual prices of real estate.
The registry — which enters the actual property selling price, rather than the asking price, onto the Ministry of the Interior’s Web site — was implemented in August 2012 in an effort to combat rising real-estate prices.
According to current regulations, land administration agents should register real-estate transaction details within 30 days of the exchange of ownership.
Photo: Chen Chih-chu, Taipei Times
The Jan. 3 amendment stated that agents would only be fined if they quote the wrong transaction price or delay their quotes and do not rectify their mistake after notification.
After the amendment, the act gave one to two weeks for agents to register correct prices or to post delayed registrations on the system before they are fined between NT$30,000 and NT$150,000, which Jiang said could give rise to the falsification of prices and cause investors to speculate on real estate based on those prices.
With more than 90 percent of the registration of real-estate transactions handled by land administration agents, the leniency offered by the Jan. 3 amendment could adversely affect the system, Jiang said.
The premier said the government has limited manpower and cannot check the 500,000 real-estate transactions per year on an individual basis.
The amendment may result in an increase in delayed quotes, hamstring the speed of transaction rate information and pose a detriment to buyers relying on the system for correct and up-to-date information, Jiang said.
Commenting on the Executive Yuan’s sudden opposition to the amendment, Jiang said the Executive Yuan maintained its opposition to the amendment and has insisted that the registry system be maintained.
However, the opinion of the Executive Yuan had not been taken into consideration by the legislature, which led to the passing of the amendment, Jiang said.
The Executive Yuan was unaware that there were second and third readings in the Legislative Yuan, Jiang said, adding that both bodies should work together to increase communication and avoid similar incidents.
When asked by reporters whether the Executive Yuan’s motion to repeal the amendment was necessary since only seven cases of falsified registrations had come to light, Jiang said the act prior to amendment was largely responsible for that.
Relaxed regulations increase the moral risks as agents or real-estate companies could become complacent or even purposefully falsify prices, Jiang said, adding that there must be precautions in place.
Meanwhile, the premier dismissed suggestions that the proposal had nothing to do with a possible reshuffle of the Cabinet targeting Minister of the Interior Lee Hung-yuan (李鴻源), saying that he was not holding Cabinet members responsible.
Lee was asked by reporters about being sidelined by the premier in the handling the matter and whether he was worried what the premier thought of him, but he said he was unaware of being overlooked and was not in the slightest bit worried.
Lee said that the ministry and the Executive Yuan understood each other perfectly and that it was regrettable that the Legislative Yuan had not taken the ministry’s suggestions into consideration.
He added that the ministry would seek to be more involved in future legislative bills.
Additional reporting by Chiu Yen-ling
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source