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Here is an interesting article about home ownership in China. One can own a house but normally only can lease (for 20-70 years) the land that the house stands on: http://www.msn.com/en-us/news/world/what-good-is-owning-a-home-if-china-owns-the-land/ar-BBtIHoB I had heard about this; "Like every other homeowner in China, Mr. Chen and his neighbor own their homes but not the land underneath them. All land in China is owned by the government, which parcels it out to developers and homeowners through 20- to 70-year leases." I didn't realize this; "When the neighbor — whose surname is Wang — tried to sell her apartment, local officials told her that her lease on the land had expired. To sell her apartment, they told her, she would have to pay them one-third of the sales value." Helps explains in part about China's policy for leasing land power; "Giving land to the people would not be easy. Local governments in China do not have the power to levy taxes, so leasing land is one of the few ways they have to raise money." Nice to know; "In 2007, China moved to reassure homeowners by requiring local governments to renew 70-year leases automatically. Yet the law was silent on whether homeowners would have to pay for the renewal and what would happen to those with shorter leases." Always wonder how this can be; Ms. Wang and her family bought her 860-square-foot apartment three years ago for 1.4 million renminbi, or about $210,000 at today’s exchange rates. How do the Chinese buy and are able to afford buy a house for 210,000 USD when the typical yearly income is normally less than 10,000 USD a year? ( I am guessing at the yearly income but I think I am in the ball park, anyone agree?) 210,000 divide by 10,000 dollars would represent 21 years of total savings one's year income. Am I missing part of the picture? I thought this is an interesting subject, Housing ownership in China. Danb
