The law on urban real estate administration has played a vital role in strengthening the regulation of urban real estate, maintaining order in the housing market and safeguarding legitimate rights and interests of property owners since its implementation.

The Financial and Economic Affairs Committee of the National People's Congress (NPC) has advised related departments to accelerate revision of the law and promptly submit the amendments to the NPC Standing Committee for deliberation and approval.

During the fifth session of the 13th NPC in 2022, some deputies called for revisions to the law on urban real estate administration in their motions, noting that the country's real estate market has undergone tremendous changes and encountered some pressing issues of high concern to the public since the domestic economy has entered a period of new normal.

In response, the Ministry of Housing and Urban-Rural Development declared that it has completed the drafting of amendments to the law. The ministry will take into full account relevant suggestions, organize experts to conduct in-depth research, and solicit public opinions, in order to promote the building of supportive systems compatible with new development paradigm. It will also work together with other competent departments to improve the policies of land use, taxation and financing, and incorporate applicable systems as well as policies into the revisions to the law.

In addition, the ministry will simultaneously formulate administrative rules concerning housing rentals, housing sales management, and property management services in a bid to lay a foundation for prospective revisions to the law.