Jump to content

buying a home in china


Recommended Posts

 

The info in that link is incorrect and some comments are absurd. Foreigners can own properties in China, specially apartments and homes. They do require some 40% to 50% downpayment, and there are additional holding period requirements to avoid special penalties for flipping properties for quick gains. It looks like the penalties are working because real estate values in Shanghai and Beijing have cooled off, i.e. dropped 15% off their peaks earlier this year.

 

One does not own the land of the properties. They are leased from the government, on 50 to 99 years. It used to be 99 years, but now it's shorter duration. The owner of record has first priority to renew the lease when renewal time comes.

 

It is no different than in the US, where property owners have to pay property tax, or the county government will take it away. Just think of the property tax paid every year over the last 20 years, and you see how much that is.

 

Furthermore, in US, there is eminent domain that a city, county, state, or federal government can take away your property, with or without just compensation. Earlier this year, there was a landmark decision by the Supreme Court that allows cities to exercise eminent domain to take away properties for the sake of the betterment of the communities, i.e. generate more tax revenues for the city.

 

Many of those comments in the above links are by simple minded American country bumpkins who are clueless on the reality of things.

Edited by bubbafred10 (see edit history)
Link to comment

 

The info in that link is incorrect and some comments are absurd. Foreigners can own properties in China, specially apartments and homes. They do require some 40% to 50% downpayment, and there are additional holding period requirements to avoid special penalties for flipping properties for quick gains. It looks like the penalties are working because real estate values in Shanghai and Beijing have cooled off, i.e. dropped 15% off their peaks earlier this year.

 

One does not own the land of the properties. They are leased from the government, on 50 to 99 years. It used to be 99 years, but now it's shorter duration. The owner of record has first priority to renew the lease when renewal time comes.

 

It is no different than in the US, where property owners have to pay property tax, or the county government will take it away. Just think of the property tax paid every year over the last 20 years, and you see how much that is.

 

Furthermore, in US, there is eminent domain that a city, county, state, or federal government can take away your property, with or without just compensation. Earlier this year, there was a landmark decision by the Supreme Court that allows cities to exercise eminent domain to take away properties for the sake of the betterment of the communities, i.e. generate more tax revenues for the city.

 

Many of those comments in the above links are by simple minded American country bumpkins who are clueless on the reality of things.

170393[/snapback]

"Simply minded American country bumpkins?"

 

As a West Virginian, I resemble that remark.

Link to comment

 

The info in that link is incorrect and some comments are absurd. Foreigners can own properties in China, specially apartments and homes. They do require some 40% to 50% downpayment, and there are additional holding period requirements to avoid special penalties for flipping properties for quick gains. It looks like the penalties are working because real estate values in Shanghai and Beijing have cooled off, i.e. dropped 15% off their peaks earlier this year.

 

One does not own the land of the properties. They are leased from the government, on 50 to 99 years. It used to be 99 years, but now it's shorter duration. The owner of record has first priority to renew the lease when renewal time comes.

 

It is no different than in the US, where property owners have to pay property tax, or the county government will take it away. Just think of the property tax paid every year over the last 20 years, and you see how much that is.

 

Furthermore, in US, there is eminent domain that a city, county, state, or federal government can take away your property, with or without just compensation. Earlier this year, there was a landmark decision by the Supreme Court that allows cities to exercise eminent domain to take away properties for the sake of the betterment of the communities, i.e. generate more tax revenues for the city.

 

Many of those comments in the above links are by simple minded American country bumpkins who are clueless on the reality of things.

170393[/snapback]

Paying property taxes is not the same thing as leasing land from the government. That’s like saying when I pay a sales tax on my purchases at a store, I don’t own it. I’m certainly not leasing these items. I can buy or lease a vehicle and they are two completely separate types of transactions. Yep, I pay property taxes (thousands of dollars over the years) on my ranch here in Texas to support the local school and government, but the structures, land, livestock and even the minerals (mineral rights in Texas) below the surface, belong to me. Even this simple minded America (PhD) country bumpkin understands that.

 

Oh eminent domain, at least I have legal recourse should that ever happen. Try telling that to the folks that live in and near Beijing and are being tossed out of their homes because of the 2008 Summer Olympics, and no compensation either.

 

No thanks, I’ll takes me chances right here in ‘Merica!

 

Jim

:D

Link to comment

 

The info in that link is incorrect and some comments are absurd. Foreigners can own properties in China, specially apartments and homes. They do require some 40% to 50% downpayment, and there are additional holding period requirements to avoid special penalties for flipping properties for quick gains. It looks like the penalties are working because real estate values in Shanghai and Beijing have cooled off, i.e. dropped 15% off their peaks earlier this year.

 

One does not own the land of the properties. They are leased from the government, on 50 to 99 years. It used to be 99 years, but now it's shorter duration. The owner of record has first priority to renew the lease when renewal time comes.

 

It is no different than in the US, where property owners have to pay property tax, or the county government will take it away. Just think of the property tax paid every year over the last 20 years, and you see how much that is.

 

Furthermore, in US, there is eminent domain that a city, county, state, or federal government can take away your property, with or without just compensation. Earlier this year, there was a landmark decision by the Supreme Court that allows cities to exercise eminent domain to take away properties for the sake of the betterment of the communities, i.e. generate more tax revenues for the city.

 

Many of those comments in the above links are by simple minded American country bumpkins who are clueless on the reality of things.

170393[/snapback]

Paying property taxes is not the same thing as leasing land from the government. That’s like saying when I pay a sales tax on my purchases at a store, I don’t own it. I’m certainly not leasing these items. I can buy or lease a vehicle and they are two completely separate types of transactions. Yep, I pay property taxes (thousands of dollars over the years) on my ranch here in Texas to support the local school and government, but the structures, land, livestock and even the minerals (mineral rights in Texas) below the surface, belong to me. Even this simple minded America (PhD) country bumpkin understands that.

 

Oh eminent domain, at least I have legal recourse should that ever happen. Try telling that to the folks that live in and near Beijing and are being tossed out of their homes because of the 2008 Summer Olympics, and no compensation either.

 

No thanks, I’ll takes me chances right here in ‘Merica!

 

Jim

:wacko:

170636[/snapback]

Yeah, you got rights. Until WalMart wants to open a store or NASCAR wants to build a race track, then the city, with full backing of the Supreme Court says you have no rights and you get bounced. You get what they want to give you. We had retired people being given $.30 to the dollar for their property that was completely paid off and told to move in Kansas City, just to have a NASCAR track.

 

There are also a large number of people on the east coast who had their neighborhood declared a blighted zone so the City could remove them and build higher priced housing that would pay higher taxes. The houses were less than 50 years old and all is excellent condition, they just weren't paying enough taxes for the city fathers or mothers as some called them.

Link to comment

 

The info in that link is incorrect and some comments are absurd. Foreigners can own properties in China, specially apartments and homes. They do require some 40% to 50% downpayment, and there are additional holding period requirements to avoid special penalties for flipping properties for quick gains. It looks like the penalties are working because real estate values in Shanghai and Beijing have cooled off, i.e. dropped 15% off their peaks earlier this year.

 

One does not own the land of the properties. They are leased from the government, on 50 to 99 years. It used to be 99 years, but now it's shorter duration. The owner of record has first priority to renew the lease when renewal time comes.

 

It is no different than in the US, where property owners have to pay property tax, or the county government will take it away. Just think of the property tax paid every year over the last 20 years, and you see how much that is.

 

Furthermore, in US, there is eminent domain that a city, county, state, or federal government can take away your property, with or without just compensation. Earlier this year, there was a landmark decision by the Supreme Court that allows cities to exercise eminent domain to take away properties for the sake of the betterment of the communities, i.e. generate more tax revenues for the city.

 

Many of those comments in the above links are by simple minded American country bumpkins who are clueless on the reality of things.

170393[/snapback]

Paying property taxes is not the same thing as leasing land from the government. That’s like saying when I pay a sales tax on my purchases at a store, I don’t own it. I’m certainly not leasing these items. I can buy or lease a vehicle and they are two completely separate types of transactions. Yep, I pay property taxes (thousands of dollars over the years) on my ranch here in Texas to support the local school and government, but the structures, land, livestock and even the minerals (mineral rights in Texas) below the surface, belong to me. Even this simple minded America (PhD) country bumpkin understands that.

 

Oh eminent domain, at least I have legal recourse should that ever happen. Try telling that to the folks that live in and near Beijing and are being tossed out of their homes because of the 2008 Summer Olympics, and no compensation either.

 

No thanks, I’ll takes me chances right here in ‘Merica!

 

Jim

:blink:

170636[/snapback]

Yeah, you got rights. Until WalMart wants to open a store or NASCAR wants to build a race track, then the city, with full backing of the Supreme Court says you have no rights and you get bounced. You get what they want to give you. We had retired people being given $.30 to the dollar for their property that was completely paid off and told to move in Kansas City, just to have a NASCAR track.

 

There are also a large number of people on the east coast who had their neighborhood declared a blighted zone so the City could remove them and build higher priced housing that would pay higher taxes. The houses were less than 50 years old and all is excellent condition, they just weren't paying enough taxes for the city fathers or mothers as some called them.

170690[/snapback]

Congress is working on changing the way that ruling works. I'll still take my chances here.

 

Jim

Link to comment

Please sign in to comment

You will be able to leave a comment after signing in



Sign In Now
×
×
  • Create New...