Professor LUO Biliang presented his research on property rights. He analysed what’s missing in Coase Theorem. The Coase Theorem fails to take into account the issue of personalised property rights that’s mostly connected with material property rights, for example, the identity of a person and the concrete property that’s coupled with the identity. It also fails to discuss how the subject of the property rights deal with the object. Without human emotions and sentiments, property rights is easy to deal with; but with these, it’s hard to handle. In addition, the Coase Theorem also fails to stick to the propositions, i.e., cost occurs when property rights are redefined and transacted.