CHINA wants its new regulations for real-estate management ready by 1997 to ensure stable development of the property market.
Chinese officials have given legal experts two years to finish the job, believing it will be difficult to iron out problems quickly because of laws concerning departments with overlapping responsibilities.
Xinhua (the New China News Agency) reported Beijing legal authorities were co-ordinating the drafting of the regulations, to be released by the State Council.
They would include rules to real estate development and management, pricing management and real-estate rights registration and management.
The real estate management laws came into effect on January 1 as part of an effort by the central government to better regulate the real estate market and to demonstrate support for increased foreign investment in industrial and residential developments.
The comprehensive law consolidates existing regulations and provides new guidelines for the development of China's semi-planned market.