It also approved a bill ending preferential tax treatment
for foreign firms, setting a standard rate of 25%.
Premier Wen Jiabao ended the session as he had begun it
last week, promising a move to more sustainable growth.
He also raised issues such as corruption, regional ties and
international fears over China's military build-up.
In fact, according to Daniel Griffiths, BBC correspondent
in Beijing, this has been one of the most contentious pieces of legislation
introduced in China in recent times.
But despite the concerns, when it came to putting the
bill to the vote, 99.1% of the 2,889 legislators attending the NPC backed the
property law.
The tax legislation - designed to wean China off an
export-driven economy dominated by the manufacture of cheap goods - was passed
with only slightly less support.
These high percentages are not unusual. The parliament -
the National People's Congress (NPC) - meets just once a year and is largely a
rubber stamp to endorse the policies of the ruling Communist Party.
Corruption crackdown
Legislators also discussed a wide variety of other issues
during the two-week NPC meeting - with one key theme being Mr Wen's promise to
focus more on sustainable development than rapid economic growth.
As he closed the session, Mr Wen fleshed out this theme,
saying: "The priorities now are promoting equality in education opportunities,
adopting progressive employment policies, narrowing income gaps and building
social security networks."
Increasing equality is of vital concern to the Communist
Party. Correspondents say that protests over the growing income differentials,
exacerbated by rising corruption, are threatening its control over the rural
hinterland.
Mr Wen promised more reforms to crack down on corruption,
especially that involving high-ranking officials.
He blamed the increase in graft on an "over-concentration
of power without effective and proper restraint and oversight", and promised to
address the issue as a priority.
In terms of foreign affairs, Mr Wen said he hoped his
visit to Japan in April would be an "ice-thawing" trip, following a period of
tensions between the two nations over their wartime past.
He also said that China's military expansion posed no
threat to other countries - despite international concern over its military
growth.
"The limited armed forces China has are completely for
the purpose of safeguarding the country's security, independence and
sovereignty," Mr Wen said.
He added that China was still opposed to the
militarization of space, despite its recent test of an anti-satellite weapon.