How to buy a house in China if you are a foreigner?
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Me and my wife are going to China and we were thinking about buying a house later on there depending on where we go. Can we buy a house in China if we are foreigners and what are the restrictions? How much does it usually cost, I don't know if we will live in Shanghai or Beijing because the housing is too expensive. So my question is where can one afford a house and how much does it usually cost typically? A condo is cool too because we like condo living as well. But how do you typically buy a house or condo in China and what are the rules, regulations, and are there taxes on your home like here in the United States?
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Answer:
My cousin lives in China. He decided not to buy a place, and desribes the situation as follows: You don't own land in China like you do in the US in Canada. The land your house or building sits on is a seventy-year lease from the government. It is uncertain whether the leasehold improvements revert to the government at the end of that time. There is no contingency fund, or strata fees, as we understand the situation. If the roof needs to be repalced after fifteen or twenty years or whatever, whoever lives there at the time has to cough up the full amount to fix it. No matter what your plans are, you always have to consider resale, at some point. We could sell our place in Canada, and buy a brand-new place here in Taiwan for what we would get from the sale. We are not familiar enough with the laws here to consider buying--even though, as alien residents--we are allowed to own land.
dmeiske1... at Yahoo! Answers Visit the source
Other answers
yes you can buy one and only one typical cost, that varies a great deal from city to city, Shanghai, Beijing real estate prices are skyrocketing out of control, in smaller cities it is rising but not as bad not many condos in China, mostly apartment buildings and villas one thing that I do know is that you have to put 30% of the cost of the house down at the closing
Mr. W
There are going to be taxes yes. All country requires you to pay taxes on property you own in that country. Buying the house itself shouldn't be much of a problem. Finding a deal on the house, however WILL be tough. Many people see a foreigner and the first thing they start thinking is how much they can get from you. I Live in Southeast Asia and had my house built a few years ago. If I had it all to do over again I would do a few things differient. #1- Never let anyone see or know they are dealing with a foreigner. If you know and trust someone, have them do the business for you, you just stand in the background and evesdrop on the conversation. You can make the ultimate decision after they are done with the conversation. The reason you do this is because locals more inclined to give eachother a break, and be more honest with eachother about small details. Also locals are able to tell when other locals are lying easier then foreigners. #2: If you have to deal with someone deal with them directly, and force them to speak your language, or force them to use a translator. NEVER let them know you speak the language until halfway through negotiations! The reason you do this is because if you deal with them via phone they have a lot of wriggle room. If you force them to deal with you directly their body language will tell you alot about their position on any business you plan to do with them. If you speak their language you have a DEFINATE advanage, because since you are speaking in your language, and using a translator, they will ASSUME you do not speak their language. They will start to speak with whomever they are with in their native tounge about you and your company and the business deal about how to get the upper hand in negotions. Halfway through negotions you start talking to them in their native tounge without the aid of a translator and their assumptions of you have been shattered. Suddenly they stop worrying about negotions, and how to get the upper hand, and start worrying about what they said about you when they thought they were talking behind your back! While they are doing damage controle you can use this time to get the upper hand in negotions and get a good deal on land, or a house. Good luck Jer
Jer
I don't know about the taxes and such, but I have a friend who is purchasing a condo in China, and he says it's way cheaper than in the US. I think most people live in highrise condo's in china. Hope that helps you a bit.
Kissthepilot
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