BEIJING — State Council has entrusted relevant departments to draft motions to revise laws on real estate protection amid public concerns over the 70-year land use limit of residential properties, Premier Li Keqiang said on March 15.

The move aims to provide a legal guarantee for the renewal of the land use right after it expires in 70 years, Premier Li told a press conference after the conclusion of the annual legislative session.

“The land use right can be renewed without application or preset conditions, and transaction of the property will not be affected,” Premier Li reassured the public.