Abstract: The subject matter under mortgage of the land contracted management right shall be the management right of the contracted land, which is the embodiment of the policy spirit of China’s reform. The Property Law has explicitly defined the attribute of usufructuary right of the land contracted management right, however, in the context of the separation of the three rights, the Property Law has not specified the right attributes of the land management right, which will directly affect the stability of the land management right after the land transfer. The future legislation should mould the real right of the land management right, rather than strengthening the attribute of the real right of the land contracted management right. On this basis, a mortgage system of the land contracted management right will be constructed from such aspects as the disposal of the crops on the land, the determination of the subject of legal relation, the registration of the mortgage, the duration of the mortgage and the realization of the mortgage, etc.. Because the construction of the mortgage system of the land contracted management right is a systematic project, it is necessary to adopt an effective supporting system.

Key words: land contracted management right; land management right; the property law; the separation of the “three rights”