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)
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    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.

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)
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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.

    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.