Legal basis: People's Republic of China (PRC) City Real Estate Management Law.
Article 1 This Law is formulated with a view to strengthening the management of urban real estate, maintaining the order of the real estate market, safeguarding the legitimate rights and interests of real estate owners and promoting the healthy development of the real estate industry.
Article 2 This Law shall be observed in obtaining the land use right of real estate development land, engaging in real estate development, real estate transaction and real estate management within the state-owned land (hereinafter referred to as state-owned land) in People's Republic of China (PRC) urban planning area. The term "houses" as mentioned in this Law refers to buildings and structures such as houses on land.
The term "real estate development" as mentioned in this Law refers to the act of building infrastructure houses on land that has obtained the right to use state-owned land in accordance with this Law.
Real estate transactions mentioned in this Law include real estate transfer, real estate mortgage and house lease.
Article 3 The state practices a system of paid and limited use of state-owned land according to law. However, unless the state allocates the right to use state-owned land within the scope prescribed by this law.
Article 4 The State shall, according to the level of social and economic development, support housing construction and gradually improve the living conditions of residents.
Fifth real estate owners should abide by laws and administrative regulations and pay taxes according to law. The legitimate rights and interests of real estate owners are protected by law, and no unit or individual may infringe upon them.