China steps up protection of property rights

China steps up protection of property rights
29/11/2016 , by , in INTERNATIONAL

China will increase protection for property rights, including stepping up oversight of the management of state-owned assets.

New rules and policies are designed to “increase people’s confidence in the safety of assets, improve social trust, create positive expectations, and promote the drive for innovation among all economic actors.”

The guidelines call for equal treatment under the law for all property holders, and for fair and clear laws when land or homes are requisitioned.

Research should be conducted into a system to extend rights to residential property when the initial period granted expires, in order to foster expectations that property rights will be respected long term, according to the guidelines.

Most homes purchased in China only include rights to the use of the property for a certain number of years, and questions about future home ownership have started to crop up as some contracts near their expiration date.

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