Abstract: This paper analyzes newly discovered documents such as land-mortgage agreements and rent-mortgage agreements from southern Fujian during the Qing dynasty. The analysis of these documents highlights a fundamental difference between land-mortgage and rent-mortgage. Namely, a rent mortgagor only transferred his earning right rather than his right to use the land and may or may not transfer the right to dispose of the land. In the example of southern Fujian in the Qing dynasty, there was a credit market with rent-mortgage as its major form. In this market, the mortgage agreement was circulated as a debit-credit note or part of debit-credit note set. Therefore, we can understand rentmortgage as the penetration of financial capital into the land market.