The State Council has asked related departments to come up with proposals about laws on the protection of real estate, Premier Li Keqiang said at a press conference on March 15.

When the 70-year term of land use for residential buildings ends, owners can renew the lease without applying, and no preset conditions are set, and it will not affect any transactions of the property, the Premier said.

It is quite understandable for the public to be concerned about the expiration and renewal of the land use, he said.