(Yicai Global) Dec. 9 -- The Chinese city of Hefei in eastern Anhui province has launched the country’s first exchange platform for pre-owned homes to promote transactions and better meet people’s housing needs.

The Hefei Housing Security and Real Estate Administration launched the new swap service yesterday. Unlike the standard resale process, the property price is not shown on the platform. Instead, property owners contact each other through the site to negotiate prices before signing swap contracts.

Seventy-eight houses have already been put up for sale on the platform, and each has a verification code to ensure the authenticity of the property rights, Yicai Global learned today. The service is free but users still need to pay taxes in accordance with the local policies for housing transactions.

The platform can help to shorten the distance between where people live and work, giving them a more convenient life by exchanging homes, Hefei’s housing administration said.

The platform can also help residents with their housing improvement needs, reduce transaction costs and boost the second-hand home market, Yan Yuejin, research director of E-House China Research and Development Institute’s think tank, told Securities Times.

Editors: Dou Shicong, Tom Litting