This is an extended and slightly revised version of an article by Wills and Yang published in Policy, Vol. 9, No. J, Autumn 1993. The article was derived from a paper by Yang, Wang and Wills published in the China Economic Review in 1992. The idea for the empirical study, the analytical model and the procedure for quantifying changes in property rights came from Xiaokai Yang. The study illustrates his ability to apply inframarginal concepts to real problems.