Through the discussion of property rights of land in the People’s Republic of China by examining the evolution of legal frameworks governing land institutions and that of the rights embodied, it traces out the development of urban and rural land tenure changes during the pre-reform era (pre-1978) and post-reform era (post-1978). Analysis shows that after thirty years of opening up and orientation towards a market economy, there is still a wide divergence of rights between urban and rural land tenure. Quasi-leasehold system of urban land tenure, accompanied by relatively well-established titling and registration procedures as well as an open market for transaction, has been established. In contrast, although the rural land contracting system has endowed farmers with thirty years of agricultural land usufruct rights and attempts to strengthen farmers’ tenure security have been made progressively over the years, farmers are yet not enjoying the full bundles of land rights. Imminent reforms in rural land tenure includes, but not restricted to, the following crucial areas: Farmers’ right to mortgage their land, a well-functioning land market, well-defined and just causes for land requisition written in law, a clear delineation of the different roles and rights of the collective and individual farmers.