Yep. If the Government wants to take it - via Eminent Domain - they must pay fair market value as established by the market (real estate agents who are privately licensed). And there aren't any property taxes, so no worries there.
Cars are freely owned, as are stocks, and even companies; I own 100% of my own company in China, free and clear. I am the only name on the articles of incorporation, it is mine (no State or Chinese National involved).
Overall, I'd say property rights are no weaker than you find in the US, and when the Government decides to override your rights it treats you a heck of a lot better than the US (Kelo case, for example).
Does the Chinese govt. protect human rights?
Within reason, yes. See the list I posted earlier - it is incumbent upon the individual to exercise their rights, but they are there.
Abortion is the sticky one; there really are very, VERY few forced abortions any more. The way they handle it is to simply say there's a fine for each child beyond 1. Until that fine is paid, the child does not get a national ID card, so they do not get to participate in the subsidized health, or free schools, etc. You can still work, earn a living, and use private doctors and schools, though.
Religion is pretty open, I go to an evangelical church here in Shanghai. Sure, it's licensed by the State, but the preaching is about as straightforward as in the Free Methodist (very conservative denomination) church I attend in the US. China loves their licenses and permits, so if set up a house church and don't get the proper permits, your pastor is arrested, thrown in jail for a day or two, and fined 1000-2000 RMB (about 1-2 months salary).
There is a national minimum wage, and for the most part it's enforced, especially in the bigger cities. Likewise restrictions on work hours, laws about overtime pay, minimum age of workers, etc.
I'd say they're no worse than most of South and Central America, or Eastern Europe. No, not up there with the US, Great Britain, Germany and the like, but not Burma, or like most of Africa, Middle East, or even India or Malaysia.
Try speaking openly against the government and see how long your private property remains in your hands.
Testimony on the Rule of Law in China
Finally, no respect for the law. This is largely because laws on the books in China are not enforced or are ignored by the government itself in reality. This has created a huge discrepancy. While a large number of Chinese laws have strong provisions for individual and property rights, in reality such provisions have little meaning because the government, especially local authorities, can ignore them with impunity.It is clear that the Chinese government is aware of these problems and reformists within the Chinese government have been trying to address them for a long time, but so far, judging by the facts on the ground, it appears that China remains far away from its own declared goal of ruling the country according to law.