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The PRC Property Law ("Property Law" or "Law") was first proposed in 1993 and was finally passed on March 16, 2007, after seven revisions. The Law will become effective from October 1, 2007. There are five chapters and 247 articles, covering ownership rights, the ownership registration system, condominium rights, neighborhood rights, land-contracting and -managing rights, construction land-use rights, homestead land-use rights, easement and security interests, and mortgage rights.