Owning property in China

[Guest blsqueaky]

Your wife used to live there? Nice! We are not looking to buy anything there like I said when we passed that building I got curious and was wondering if people could buy property there ans how much.  Its a really pleasant place considering how busy GZ is then how relaxed the island is. 

    We are trying to pay off our house mortgage right now.  Its like a black hole the more money we throw into it the more likley we won't have to wait 30 years to pay it off.  Soooo anyone hear anything about it?

Yes, she used to live right across the street from Lucy's, between there and the park. From what she tells me, no, you can not buy the property, but you can buy the bldg, or the home. We are presently looking at some condos in the suburbs of GZ, in fact next trip over, will be meeting with a realtor and start doing some shopping. I already have my eye on a place, but we will see.

[NicolaNSam]

Thanks for the info! So you cannot buy the land on Shamian. Can you leasehold it for 70 years? what good would it do to own a building but the gov. owns the land? I'm glad we live here. No offense to anyone.

[ptcrusier333rph]

and if you not pay the taxes here the government sell your land to pay it so what the difference?

[Dan R]

what good would it do to own a building but the gov. owns the land?  I'm glad we live here.  No offense to anyone.

Until recently almost all land in Hawaii belonged to several families that supported the over throw of the Hawaiian Royalty by the United States and pushed for annexation. The land was leaseheld by the residents. It rarely meantany difference other than that you had no claim to the land as an asset. You owned only what was built on it. Families leased and renewed leases for over a hundred years before the State legislature began dismantling the system. In the United States there are many properties that are leasehold but they are mostly commercial.

 

So yes lease hold exists in the U.S. In China the changes recently made to the constitution to protect private property give many more rights to the land owner than before.

 

In answer, you still own the building and have the right to use the land. Even with landownership in the U.S. the right of eminent domain prevails and that is the same in both countries.

[oregonknl]

I also love Shamian Island!

 

So many super important moments in my life took place there! (and I have watched it change so much since my first visit in 1997 --- there were so many "fixers wth great potential" then! --- most have been rennovated since...

 

OTRMark, I am very much interested in your take on this ----- and hope you will keep us all up to date on the property search in PRC.

 

Fei has a friend who bought an apartment in the late (flush) 1990s on Shamian, and ended up selling it for a significant loss...

 

Personally, since so many of the functions normally associated with the ecconomy of the island (adoption and K-visas) are going to the new consular offices in E. GZ ----- I think this might be the absolutely worst time to buy... I would wait a couple of years for the shakeout in prices... obviously, a lot of the small shop keepers are also residents, and directly involved --- particularly with the "baby" trade.... When that goes, I think a lot of real estate value could go with it.. White Swan Hotel will be particularly hard hit --- (too bad, my favorate hotel in Asia..)

[NicolaNSam]

I didn't realize that the U.S. consolate is going to move. Where exactly are they going to be moving to? Wow I totally agree that its not going to be as exciting a place if the consulate is not there. Wonder if the new place is going to be as nice an area.

[Guest blsqueaky]

I didn't realize that the U.S. consolate is going to move.  Where exactly are they going to be moving to?  Wow I totally agree that its not going to be as exciting a place if the consulate is not there.  Wonder if the new place is going to be as nice an area.

No, it is not

[Guest blsqueaky]

I also love Shamian Island! 

 

So many super important moments in my life took place there! (and I have watched it change so much since my first visit in 1997 --- there were so many "fixers wth great potential"  then! --- most have been rennovated since... 

 

OTRMark, I am very much interested in your take on this ----- and hope you will keep us all up to date on the property search in PRC. 

 

Fei has a friend who bought an apartment in the late (flush) 1990s on Shamian, and ended up selling it for a significant loss... 

 

Personally, since so many of the functions normally associated with the ecconomy of the island (adoption and K-visas) are going to the new consular offices in E. GZ ----- I think this might be the absolutely worst time to buy...  I would wait a couple of years for the shakeout in prices... obviously, a lot of the small shop keepers are also residents, and directly involved --- particularly with the "baby" trade....  When that goes, I think a lot of real estate value could go with it..  White Swan Hotel will be particularly hard hit --- (too bad, my favorate hotel in Asia..)

Oregon, you know that I will keep all posted here. I just emailed something to Roger so that LuLi can translate, and it was a bank document of sorts. Waiting to see what he tells me.

 

Wife and I will be looking next trip, but right now she is saying not to buy. Prices are getting just ridiculus.

 

Now as far as the white swan, I think that they will find a way to survive. Probably provide a shuttle service, and I also think that Shamian itself will survive. I know that my next stay will be the Victory, and Shamian is Shamian. It has been there way too many years