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The 1990s have seen a massive rebirth of the real estate industry in China. Although ownership of Chinese land is in theory restricted to the State and to agricultural collectives, in practice the concept of the ""right to use"" land has evolved into a system of real estate law with many parallels in the West, including such familiar elements as mortgages, leases, zoning, liens and taxation.
The difference lies in procedural requirements, and it is in this practical area that prospective foreign investors in Chinese real estate should find this book useful. Taking into account the Land Use Purpose Control System that came into effect in China on January 1, 1999, the authors of this book fully explain such important components of real estate development and use as the following:-