Legal basis: The contract for the establishment, alteration, transfer and elimination of the real right of immovable property concluded between the parties in Article 215 of the Civil Law of People's Republic of China (PRC) shall come into effect upon the establishment of the contract, unless it is otherwise provided by law or agreed by the parties; Failure to register the real right shall not affect the validity of the contract. Article 114 A civil subject enjoys real rights according to law. Property right is the right that the obligee enjoys direct control and exclusiveness over the specified object according to law, including ownership, usufructuary right and security right.