According to Article 191 of the Property Law of People's Republic of China (PRC), during the mortgage period, if the mortgagor transfers the mortgaged property with the consent of the mortgagee, he shall pay off the debt to the mortgagee in advance or deposit the proceeds from the transfer. The part of the transfer price exceeding the amount of creditor's rights belongs to the mortgagor, and the insufficient part is paid off by the debtor.

During the mortgage period, the mortgagor shall not transfer the mortgaged property without the consent of the mortgagee, except that the transferee pays off the debts and extinguishes the mortgage on his behalf.

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