China's draft Property Law is moving towards consideration and adoption by the National's People's Congress (NPC) at the legislative session which begins on March 5, 2007, according to a January 20 Xinhua article. The draft law has gone through an unprecedented seven readings by the NPC since first being introduced in 2002. For a timeline of the bill, provided by the official Chinese Xinhua news agency, see here.
The draft Property law has stirred significant opposition among both Chinese politicians and academics concerned about the ideological implications of legal protections for private property. In 2006, NPC consideration of the draft law was delayed after a Beijing law professor attacked the bill in a open letter published on the Internet, as noted in a March 10, 2006 Financial Times article. His assertion that the bill failed to protect state property and undermined the socialist system gathered (or reflected) sufficient attention from central authorities to delay it's consideration until this year.
Subsequent amendments to the draft law made in 2006 appear aimed at responding to some of these concerns, adding clauses providing for the equal protection of state and private property.