Ant Group has partnered with Zhuhai to connect blockchains to bank operation systems which allow for multiple online real estate registration procedures that are fast, safe, and efficient.

Zhuhai Real Estate Registration Center and Ant Group signed the cooperation agreement July 20 at Alibaba Headquarters in Hangzhou. The fintech arm of Chinese e-commerce giant Alibaba Group Holding and parent company of Alipay, Ant Group dominates the Chinese payments sector.

An Ant Group mascot is seen in Hangzhou, capital of Zhejiang Province. [Photo by Long Wei / For China Daily] 

Blockchain technology provides a reliable closed-loop transmission of key data between residents, banks, and governments, explained Zou Zhipeng, general manager of Ant's Innovative Finance Department of Intelligent Science & Technology Business Group. Zou added that this will markedly increase efficiency and safety in registering real estate.

For now, home purchase/sales and mortgages often involve considerable paperwork and procedures. The entire process of mortgaging, for instance, can take up to several months, said Zou.

Liu Chenguang, director of the Zhuhai Real Estate Registration Center, said blockchain technology is an innovative Digital Government measure and could next be promoted to the Guangdong-Hong Kong-Macao Greater Bay Area and even nationwide.