CHINA will soon introduce legislation aimed at regulating its property market by restricting land speculators and tax evaders, according to Zheng Yu Chuan, chief of China's National Land Bureau. Mr Zheng said last year some speculators had bought land and then re-sold it for huge profits. The mainland property market was further thrown into chaos by some government organisations and state departments who rented land to developers having received it free from the central government. Mr Zheng said the central government suffered immense economic losses as a result of these activities. Illegal land sales also led to the loss of a large quantity of agricultural land. This in turn created food shortages, he said. In order to solve this problem, the central government was drawing up legislation related to trading of land and property, mortgages as well as an overall land management scheme. Mr Zheng said the proposed laws would help control the market while also preventing tax evasion arising out of illegal sales. When in place, the laws would provide the government with a coherent system under which it could distribute the country's land resources, he added. And it would, for the first time, provide the country with a system for the sale of property. Regulations would require listing the price, including a minimum price. In addition, it would create an authority to handle inquiries and provide information about the market as well as making valuations. And, finally, it would provide a comprehensive package of laws covering the terms and conditions of land ownership, rental, usage, transfer, registration and land tax matters.