Abstract
The Chinese property market is founded on a land use rights (LUR) system that is based on the Hong Kong leasehold system. It was first tested in the Shenzhen Special Economic Zone. The positive result led to the formal revival of the property market in mainland China in 1990. Coupled with the open-door policy, this new tenure system has brought about marked changes to the real estate environment in mainland China. There has been a number of papers about the LUR system. Among the writers, Walker and Li (1994) have written on “Land Use Rights Reform and Real Estate Market in China.” This article is intended to be an extension to Walker and Li's work and focuses on the problems associated with the LUR system. It concludes with recommendations for improvement.
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