Protecting residential property rights is one giant leap for China

Updated 2016-12-26 09:30:12 Global Times

The government's recent move was set to ease the concerns of homeowners, and more work will be done to establish a related law for the expiration of land use rights, an expert noted on Sunday after Wenzhou, East China's Zhejiang Province released an interim measures on land tenure.

Residents who live in houses with a 20-year tenure do not have to apply for extension when their tenures end, Wang Guanghua, vice minister of the Ministry of Land and Resources, told a press conference on Friday, according to a video posted on the ministry's website. And no fee will be charged for this extension.

In China, a land warrant for residential developments runs for a maximum of 70 years, according to Xinhua.

Extending residential land use rights automatically without a fee is seen as the biggest news of the year. "One small step for Wenzhou, one giant leap for China," according to a report by the Xinhua News Agency on Friday. The move is also in line with the government's intention to protect residents' property rights.

The State Council, China's cabinet, said more work should be done to protect residents' property rights, such as how the law will protect residents after the tenure of their residential properties expires, and how to improve the requisition system of land and residential properties, according to the central government's website.

Properties with a 20-year tenure are considered as part of an unresolved historical issue, such as when the Wenzhou authorities commercialized the city's housing system in the mid-1990s, it cut 70-year land warrants down to 20 years and 40 years for some properties so that the prices could be reduced accordingly, said Yan Yuejin, research director at E-house China R&D Institute.

"More work needs to be done to standardize the registration of land deeds to improve the way of dealing with similar questions," he told the Global Times on Sunday.

For example, after the tenure expires, how much authorities should charge as a land transaction fee and under which circumstances should there be charges are questions that should be thoroughly looked into, Yan noted.

"The process of establishing the policies is expected to take more than three years," he said. "In the meantime, the temporary policies should be cautious," he said.

Other cities, including Jinan and Qingdao in East China's Shandong Province, as well as Shenzhen, South China's Guangdong Province, are dealing with the same issue, Xinhua reported.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58November 19 2017 09:08:39

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16November 19 2017 09:08:39

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18November 19 2017 09:08:39

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords