Chinese Premier Li Keqiang gives a press conference at the Great Hall of the People in Beijing, capital of China, March 15, 2017. (Xinhua/Xue Yubin)
BEIJING, March 15 (Xinhua) -- China's State Council has entrusted relevant departments to draft motions to revise laws on real estate protection amid public concerns over the 70-year land use limit of residential properties, Premier Li Keqiang said Wednesday.
The move aims to provide a legal guarantee for the renewal of the land use right after it expires in 70 years, Li told a press conference after the conclusion of the annual legislative session.
"The land use right can be renewed without application or preset conditions, and transaction of the property will not be affected," Li reassured the public.