The temporary residence registration form is a form issued by the police after 24 hours from your arrival in China. It is used to register your place of residence in China.
It is valid from the date of registration to the date of departure from China or change of residence address/passport. (Temporary Residence Registration needs to be updated every time foreigners enter China or change their residence address / passport.)
Do you need to register your residence in case you buy a house in China?
The answer is yes. If you live in the house you bought, then you should take your Identity Document and Certificate of House Ownership to register your residence with the local police station.
What happens if you fail to register your residence in China?
If you are found out by the police, you will be fined a maximum of 2000 RMB. And if you refuse to pay the fine or to register, you may be deported or have a bad record which will make it extremely difficult for you to enter China again.