New residential buildings are permanent property rights, but not permanent land use rights. The property right period of new residential buildings is determined according to the nature of the land acquired by the development enterprise. The land use right period is 40 to 70 years from the date when the development enterprise obtains the State owned Land Use Right Certificate.
 Legal basis
 Article 12 of the Interim Regulations on the Assignment and Transfer of the Right to the Use of State owned Land in Cities and Towns, the maximum term of assignment of the right to the use of land shall be determined according to the following purposes: (1) 70 years for residential land; （2） 50 years for industrial land; （3） 50 years for education, science and technology, culture, health and sports; （4） 40 years for business, tourism and entertainment; （5） 50 years for comprehensive or other purposes. Article 21 of the Law of the People's Republic of China on the Administration of Urban Real Estate, if the term of land use right assignment contract expires and the land user needs to continue to use the land, he/she shall apply for renewal at least one year before the expiration. In addition, if the land needs to be recovered in accordance with the social and public interests, approval shall be given. If the term is renewed, a new land use right transfer contract shall be signed and the land use right transfer fee shall be paid according to the provisions.