China Property Rights Overhaul
Chinese consumers are to get new safeguards against infringements of their economic and private interests through long-overdue civil code reforms. While putting the squeeze on political liberties, Beijing is giving people more economic and private interest protections. The Civil Code Bill consist
Published -
May 28, 2020 4:39 AM
Chinese consumers are to get new safeguards against infringements of their economic and private interests through long-overdue civil code reforms. While putting the squeeze on political liberties, Beijing is giving people more economic and private interest protections. The Civil Code Bill consists of broad-stroke provisions and sections on property, renewal of land leases, contracts, marriage and family, inheritance, personal rights as well as torts and other acts deemed wrong but not criminal. Property owners and prospective homebuyers can now have better protection from involuntary repossessions as well as peace of mind when their land leases expire. A land lease for a residential plot and homes built on it is typically valid for 70 years and with the new civil code, procedures are being laid down by local governments for free extension of leases or with a nominal charge.
Tags : INTERNATIONAL