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People view models of buildings at the
Jilin Real Estate Fair in Jilin, a city in northeast China's Jilin
Province, Aug. 24, 2007. The fair, opened on Friday, attracted many
visitors. (Xinhua/Zhu Wanchang)
Photo Gallery>>> |
BEIJING, Aug. 24 (Xinhua) -- China's top legislature
began deliberating a draft amendment to the law on urban real estate
administration on Friday to authorize the State Council to detail specific
measures for orderly expropriation of urban houses and apartments.
Forceful evictions of urban residents for new urban
developments have incited protests and conflicts, and have been condemned across
the country. To equally protect both people's private property rights and the
public interest, the country's new Property Law, to be effective in October,
entitles the government to the right of expropriation only for the public
interests.
But it said that the government can only do so "in
accordance with the rights and procedures as stipulated by the law." It also
stressed that due compensations shall be paid and habitation of relevant
individuals must be guaranteed.
As the existing regulations by the State Council on
urban expropriation run contradictory with the Property Law and will be
nullified, new regulations covering the rampant evictions in urban areas must be
in place in time, Wang Guangdao, minister of construction, told legislators
today.
Thus the State Council suggests that the legislature
amend the law on urban real estate administration and authorize the State
Council to issue new regulations on procedures and rights of local governments
in expropriation operations, Wang explained.
Lawmakers also said that it is the first step taken
by the government to revise related laws and regulations to pave the way for the
implementation of the Property Law which was adopted in March.
The landmark Property Law aims to grant equal
protection to state, collective and private properties.
The Supreme People's Court (SPC) said that it will
also promulgate judicial interpretations on Property Law this year.
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People view models of buildings at the
Jilin Real Estate Fair in Jilin, a city in northeast China's Jilin
Province, Aug. 24, 2007. The fair, opened on Friday, attracted many
visitors. (Xinhua/Zhu Wanchang)
Photo
Gallery>>> |
Real estate company first to issue
corporate bonds
BEIJING, Aug. 22 (Xinhua) -- Gemdale Industries, one of
China's leading real estate firms, announced Wednesday that it plans to issue up
to 1.2 billion yuan (158 million U.S. dollars) in corporate bonds.
This makes Gemdale the first publicly listed company
to issue corporate bonds following the promulgation of procedures on the
issuance of corporate bonds by the China Securities Regulatory Commission on
Aug. 14. Full story
BEIJING, Aug. 17 (Xinhua) -- China's legislature is to
amend the urban real estate administration law in line with the Property Law,
which is to come into effect in October, during an upcoming session.
The 29th session of the Standing Committee of the
National People's Congress (NPC) is expected to convene from Aug. 24 to 30. Full story
