The Asset Appraisal Law was promulgated in 2016 and entered into force on December 1, 2016.

There are 55 articles in total.

The key points are as follows:

1.Asset appraisal means the professional services provided by appraisal organizations and their appraisal professionals as entrusted for assessment and appraisal of immovables, movables, intangible assets, enterprise value, asset losses or other economic interests and issuance of an appraisal report thereto.

2.The relevant national appraisal industry association shall organize the national uniform appraiser qualification examination according to the provisions of the state. Citizens that have an educational background of junior college or above may participate in the national uniform appraiser qualification examination.

3.An appraisal institution shall adopt the form of partnership or corporate in accordance with the law, and retain appraisal professionals to conduct appraisal.

4.An appraisal institution and its appraisal professionals shall conduct business in accordance with laws, administrative regulations and appraisal standards, and observe the principles of independence, objectivity and impartiality.