China’s land ministry will automatically renew residential leases set to expire next year, temporarily dispelling homeowners’ concerns about an erosion of their property rights.
In an announcement at the weekend, the land ministry said that 20-year residential property leases in the eastern city of Wenzhou would be automatically extended without charge, ending speculation that homeowners would face steep renewal fees equivalent to one-third of their property’s value.
Ever since Deng Xiaoping’s landmark economic reforms were introduced in the early 1980s, allowing people to buy land and property for the first time since the 1949 Communist revolution, titles in the world’s most populous country have been limited by fixed-term leases.
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