The re-emergence of the property market in China since late 1980s has resulted in the rapid growth of the market for valuation services and of professional property valuation bodies. However, the valuation profession has been trapped in technical, ethical and political issues and the market is segmented due to statutory and non-statutory monopolistic practices. This paper reports the findings of a survey of the standard methods of valuation used, the codes of practice adopted, and the conflicts among the professional bodies. It evaluates the methods and codes of practices using those adopted by the RICS as the benchmark. It then analyses the role of the government and its changes to provide an explanation of the development of property valuation in an institutional perspective. Finally the paper probes the opportunities for international property valuation practitioners to participate in the market when China opens up the market to honour its commitments for the entry of the World Trade Organisation.