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This Law aims at strengthening the administration of the urban real estate, maintaining the order of real estate market, protecting the legitimate rights and interests of real estate obligees and promoting the development of real estate business. To these ends it regulates the land-use right for development of real estate, the engagement in development of real estate and transactions of real estate, and the exercise of the administration of real estate in the State-owned land.The Law is divided into the following Chapters: General Provisions (I); Land Used for Development of Real Estate (II); Development of Real Estate (III); Transaction of Real Estate (IV); Administration of Real Estate Ownership Registration (V); Legal Liability (VI); Supplementary Provisions (VII).Granting of land-use right shall be granted for a certain number of years upon payment by the users of a granting fee, in mode of auction, bidding or agreement between the two parties. The granting of land-use right must conform to the overall planning for land utilization, urban planning and the annual plan for land to be used for construction (art. 9). Further provisions concern the allocation and the termination of the land use right.Where the land-use right is obtained by mode of granting for development of real estate, the land must be developed according to the land-use purpose and the time limit for starting the development as agreed upon in the contract for granting the land-use right, in line with the principle of combining the economic, social and environmental benefits. Further provisions establish general conditions for the transaction of real estate, transfer, mortgage of real estate, lease of houses, intermediary service agencies. Chapter V makes provisions for the creation of a system of registration and certification for land-use right and ownership of houses. Final provisions establish offences and penalties.
