purchasing a home in China

[chilton747]

When buying a home in China, what is the best way to transfer the funds from the US for the purchase?

 

For conversion of US$ to RMB you can transfer in and convert a virtually unlimited amount. The problem arises when you want to convert US$ to RMB.

 

When the issue is exchanging RMB to US$, you have several options. One is that a Chinese citizen or Chinese permanent resident can freely convert up to $50k per year for virtually any reason simply upon producing their ID card. All others have to jump through hoops and face many restrictions. A new rule allows any foreigner to convert RMB to up to $500 per day -- definitely a hassle for large amounts.

 

However, when converting the RMB realized from the sale of a property which was your principal place of residence, there is no limit. You first need to apply to SAFE (State Administration of Foreign Exchange) for approval though, which is not very difficult.

 

You do know that an expat can only purchase one property and that property must be your principal place of residence, right? One way around this is by purchasing the property jointly with a Chinese citizen or PR.

 

Thanks Bill. This house will be a retirement home or I might possibly go to live there sooner. I will let my wife do all of the transactions so I see it as a fairly simple deal. I assume I can wire the money to the seller of the house without much problem now. It will be less than 50000 USD.

[GZBILL]

When buying a home in China, what is the best way to transfer the funds from the US for the purchase?

 

For conversion of US$ to RMB you can transfer in and convert a virtually unlimited amount. The problem arises when you want to convert US$ to RMB.

 

When the issue is exchanging RMB to US$, you have several options. One is that a Chinese citizen or Chinese permanent resident can freely convert up to $50k per year for virtually any reason simply upon producing their ID card. All others have to jump through hoops and face many restrictions. A new rule allows any foreigner to convert RMB to up to $500 per day -- definitely a hassle for large amounts.

 

However, when converting the RMB realized from the sale of a property which was your principal place of residence, there is no limit. You first need to apply to SAFE (State Administration of Foreign Exchange) for approval though, which is not very difficult.

 

You do know that an expat can only purchase one property and that property must be your principal place of residence, right? One way around this is by purchasing the property jointly with a Chinese citizen or PR.

 

Thanks Bill. This house will be a retirement home or I might possibly go to live there sooner. I will let my wife do all of the transactions so I see it as a fairly simple deal. I assume I can wire the money to the seller of the house without much problem now. It will be less than 50000 USD.

 

One thing I'd suggest is to have your name listed on the title as well.

 

Not that you shouldn't trust your wife, but there is an extremely practical reason for having your name on the title. Should you ever decide to apply for permanent residency, having your name on the title of the home is prima facie evidence of meeting the requirement of "stable" residence.

Edited August 4, 2007 by GZBILL (see edit history)

[chilton747]

When buying a home in China, what is the best way to transfer the funds from the US for the purchase?

 

For conversion of US$ to RMB you can transfer in and convert a virtually unlimited amount. The problem arises when you want to convert US$ to RMB.

 

When the issue is exchanging RMB to US$, you have several options. One is that a Chinese citizen or Chinese permanent resident can freely convert up to $50k per year for virtually any reason simply upon producing their ID card. All others have to jump through hoops and face many restrictions. A new rule allows any foreigner to convert RMB to up to $500 per day -- definitely a hassle for large amounts.

 

However, when converting the RMB realized from the sale of a property which was your principal place of residence, there is no limit. You first need to apply to SAFE (State Administration of Foreign Exchange) for approval though, which is not very difficult.

 

You do know that an expat can only purchase one property and that property must be your principal place of residence, right? One way around this is by purchasing the property jointly with a Chinese citizen or PR.

 

Thanks Bill. This house will be a retirement home or I might possibly go to live there sooner. I will let my wife do all of the transactions so I see it as a fairly simple deal. I assume I can wire the money to the seller of the house without much problem now. It will be less than 50000 USD.

 

One thing I'd suggest is to have your name listed on the title as well.

 

Not that you shouldn't trust your wife, but there is an extremely practical reason for having your name on the title. Should you ever decide to apply for permanent residency, having your name on the title of the home is prima facie evidence of meeting the requirement of "stable" residence.

 

Yes this has already been agreed on. It was her idea to put my name on it.

[GZBILL]

When buying a home in China, what is the best way to transfer the funds from the US for the purchase?

 

For conversion of US$ to RMB you can transfer in and convert a virtually unlimited amount. The problem arises when you want to convert US$ to RMB.

 

When the issue is exchanging RMB to US$, you have several options. One is that a Chinese citizen or Chinese permanent resident can freely convert up to $50k per year for virtually any reason simply upon producing their ID card. All others have to jump through hoops and face many restrictions. A new rule allows any foreigner to convert RMB to up to $500 per day -- definitely a hassle for large amounts.

 

However, when converting the RMB realized from the sale of a property which was your principal place of residence, there is no limit. You first need to apply to SAFE (State Administration of Foreign Exchange) for approval though, which is not very difficult.

 

You do know that an expat can only purchase one property and that property must be your principal place of residence, right? One way around this is by purchasing the property jointly with a Chinese citizen or PR.

 

Thanks Bill. This house will be a retirement home or I might possibly go to live there sooner. I will let my wife do all of the transactions so I see it as a fairly simple deal. I assume I can wire the money to the seller of the house without much problem now. It will be less than 50000 USD.

 

One thing I'd suggest is to have your name listed on the title as well.

 

Not that you shouldn't trust your wife, but there is an extremely practical reason for having your name on the title. Should you ever decide to apply for permanent residency, having your name on the title of the home is prima facie evidence of meeting the requirement of "stable" residence.

 

Yes this has already been agreed on. It was her idea to put my name on it.

 

This is good. It is an almost sure way to meet the "stable residence" requirement when you apply for PR. Oh, and I forgot to mention that it is a definite plus if you should need credit from local banks.

 

One thing to be careful about when purchasing a home is whether or not the seller has the ability to pass clear, legal title. Title is something that can be pretty tricky as there are several forms of what they call "title," but there is only one form which is 100% kosher and guarantees you actually own the home and not lose it on a whim of some low-level government bureaucrat.

 

Basically speaking, there are about 3 main types of "title":

 

1. The government deeds the land to a farmer for agricultural purposes. Many times the farmers endorse this deed and "sell" the land for housing development. This is not kosher and people often lose their home so easily it can make your head spin.

 

2. Government land bureaus below the provincial level deed the land to housing developers who then construct housing units. Purchasers are given either collective deeds (one deed covering all the "owners" in the building) or else even individual deeds. These deeds have the seal of the local land bureau office below provincial level. These are also not kosher. This type of thing happens quite a bit, actually, and in addition to the often happening worst-case scenario of losing the home, there is a best-case scenario where you can never sell the home because nobody is crazy enough to accept the deed you have as clear title.

 

3. Provincial level land bureaus issue direct title to individual home purchasers. This is the only sceario you should accept. These titles are A4-sized books, either green or red in color, and have the seal and revenue stamp of the provincial government.

 

Sometimes it is difficult to actually know what is going on and you can't always trust or rely on the seller (or even lawyers you may hire) to know or even tell you the truth should they actually know. One fool-proof way of being sure you'll get the provincial land deed is to obtain a mortgage to purchase the house. A mortgage is extremely easy, cheap and quick to obtain and a bank will never allow a mortgage unless the bank itself has ascertained that the house transaction will result in the issuance of a provincial title.

 

You don't have to get a mortgage for the whole amount of the home. You can obtain a mortgage for, say, 10% and then once the title has been issued to you and your wife and you have them in your hands, you pay off the balance on the mortgage early.

 

Oh, and it can take up to a year or so before the government actually issues the title. You don't get that A4-sized book right away after buying the house, so don't worry. This is because there are a lot of hoops to jump through at the various land bureau offices and, as anybody knows, efficiency isn't the name of the game here. But if the bank has let you obtain a mortgage, you know that you will get the title eventually.

[chilton747]

When buying a home in China, what is the best way to transfer the funds from the US for the purchase?

 

For conversion of US$ to RMB you can transfer in and convert a virtually unlimited amount. The problem arises when you want to convert US$ to RMB.

 

When the issue is exchanging RMB to US$, you have several options. One is that a Chinese citizen or Chinese permanent resident can freely convert up to $50k per year for virtually any reason simply upon producing their ID card. All others have to jump through hoops and face many restrictions. A new rule allows any foreigner to convert RMB to up to $500 per day -- definitely a hassle for large amounts.

 

However, when converting the RMB realized from the sale of a property which was your principal place of residence, there is no limit. You first need to apply to SAFE (State Administration of Foreign Exchange) for approval though, which is not very difficult.

 

You do know that an expat can only purchase one property and that property must be your principal place of residence, right? One way around this is by purchasing the property jointly with a Chinese citizen or PR.

 

Thanks Bill. This house will be a retirement home or I might possibly go to live there sooner. I will let my wife do all of the transactions so I see it as a fairly simple deal. I assume I can wire the money to the seller of the house without much problem now. It will be less than 50000 USD.

 

One thing I'd suggest is to have your name listed on the title as well.

 

Not that you shouldn't trust your wife, but there is an extremely practical reason for having your name on the title. Should you ever decide to apply for permanent residency, having your name on the title of the home is prima facie evidence of meeting the requirement of "stable" residence.

 

Yes this has already been agreed on. It was her idea to put my name on it.

 

This is good. It is an almost sure way to meet the "stable residence" requirement when you apply for PR. Oh, and I forgot to mention that it is a definite plus if you should need credit from local banks.

 

One thing to be careful about when purchasing a home is whether or not the seller has the ability to pass clear, legal title. Title is something that can be pretty tricky as there are several forms of what they call "title," but there is only one form which is 100% kosher and guarantees you actually own the home and not lose it on a whim of some low-level government bureaucrat.

 

Basically speaking, there are about 3 main types of "title":

 

1. The government deeds the land to a farmer for agricultural purposes. Many times the farmers endorse this deed and "sell" the land for housing development. This is not kosher and people often lose their home so easily it can make your head spin.

 

2. Government land bureaus below the provincial level deed the land to housing developers who then construct housing units. Purchasers are given either collective deeds (one deed covering all the "owners" in the building) or else even individual deeds. These deeds have the seal of the local land bureau office below provincial level. These are also not kosher. This type of thing happens quite a bit, actually, and in addition to the often happening worst-case scenario of losing the home, there is a best-case scenario where you can never sell the home because nobody is crazy enough to accept the deed you have as clear title.

 

3. Provincial level land bureaus issue direct title to individual home purchasers. This is the only sceario you should accept. These titles are A4-sized books, either green or red in color, and have the seal and revenue stamp of the provincial government.

 

Sometimes it is difficult to actually know what is going on and you can't always trust or rely on the seller (or even lawyers you may hire) to know or even tell you the truth should they actually know. One fool-proof way of being sure you'll get the provincial land deed is to obtain a mortgage to purchase the house. A mortgage is extremely easy, cheap and quick to obtain and a bank will never allow a mortgage unless the bank itself has ascertained that the house transaction will result in the issuance of a provincial title.

 

You don't have to get a mortgage for the whole amount of the home. You can obtain a mortgage for, say, 10% and then once the title has been issued to you and your wife and you have them in your hands, you pay off the balance on the mortgage early.

 

Oh, and it can take up to a year or so before the government actually issues the title. You don't get that A4-sized book right away after buying the house, so don't worry. This is because there are a lot of hoops to jump through at the various land bureau offices and, as anybody knows, efficiency isn't the name of the game here. But if the bank has let you obtain a mortgage, you know that you will get the title eventually.

 

This is really amazing Bill. I am chatting with my wife now and we are talking about the very things that you are posting. She says that you are very smart with this. I have to agree. She tried to tell me ago not to give all the money up front but I did not understand why. She wants to go with 50% down. Then after receiving the red book then we can quickly pay the other 50%.

But I have a question. Does the bank require that she be employed in order for us to qualify for the loan?

[GZBILL]

This is really amazing Bill. I am chatting with my wife now and we are talking about the very things that you are posting. She says that you are very smart with this. I have to agree. She tried to tell me ago not to give all the money up front but I did not understand why. She wants to go with 50% down. Then after receiving the red book then we can quickly pay the other 50%.

But I have a question. Does the bank require that she be employed in order for us to qualify for the loan?

 

You know, when I first came to China I had the idea that everything a Chinese person told me was stupid because what they'd usually say was just so alien to what we have come to know in the States. Now, after many years, I have learned that Chinese people do most things differently for a perfectly valid reason. Trust your wife on this one.

 

Still, it doesn't matter what percentage of the purchase price you mortgage, since even if it is just 1% the bank will never grant the mortgage unless you are 100% certain to get clear provincial title.

 

When you buy a new home, the maximum mortgage amount is 70% for Chinese purchasers and 50% for foreign purchasers. If you buy together with your wife, you fall under the 70% maximum. There are, however, banks who will allow a mortgage up to 70% for sole foreign buyers even though this is against People's Bank of China (PBOC) rules.

 

The general process goes like this: You identify which house you want to buy and make a purchase offer with an initial deposit of a few thousand RMB. Within a few days you must return to increase that initial deporit to 20% of the purchase price. I cannot stress this enough: Read the purchase documents carefully! This is the one time in your life where being anal retentive is a virtue! Oral agreements / promises are worthless.

 

Then you apply for the mortgage and, once approved, you pay the developer the remaining difference between the mortgage amount and the home purchase price.

 

The mortgage application process is light years easier than in the States. The purchaser(s) presents ID / Passport, hukou book, proof of employment and income statements from their employer. The bank's attorney will give you an appointment to come in and sign a bunch of documents and then you just go home and wait until it is approved -- generally in a couple of weeks. The fees for mortgage application and bank's attorney fees are about RMB 800. You need tio purchase obligatory fire insurance through the PICC and that depends on the value of your home. For example, on a RMB 1,000,000 home that would cost you less than RMB 20,000. This is a one-time fee for the life of the loan.

 

Regarding whether or not you or your wife need to be employed, the answer is no. As long as you can prove that you have either a steady income or else liquid assets (i.e. cash, local bank deposits) that can guarantee your ability to pay the mortgage, you are ok.

 

Choosing which bank to use for the mortgage is also important. You need to check out the prepayment penalties, if any, and the interest rate. Banks are allowed to undercut the official PBOC rate by up to about 15%, but negotiating over an interest rate when you will be paying off the mortgage as soon as you get title may not be worth the hassle. It's up to you. Also, some banks have extra fees for prepayment. I have almost always used ICBC (Industrial & Commercial Bank of China) for my mortgages and they are good. The only catch is that any early payments must be at least 10% of the original mortgage amount, but there are no fees.

 

Another factor is that some banks make you jump through more hoops and give you the document run-around. ICBC, for example, only requires an official translation of your passport done locally at a cost of about RMB 75. Actually, the bank's lawyer will do it for you if you want. Other banks, such as China Construction Bank, will require you to obtain documentation from the Chinese embassy in the US that your passport is valid. That can be a major pain in the neck! Bank of China is also a pain in the neck in that regard.

 

Which city will you purchase your home in? Will it be a new home?

Edited August 5, 2007 by GZBILL (see edit history)

[chilton747]

Bill I will have to read this several times to digest all of this info. Thank you so much!!!!!!! The city is Zhongshan and it will be new.

[GZBILL]

Bill I will have to read this several times to digest all of this info. Thank you so much!!!!!!! The city is Zhongshan and it will be new.

 

Ok. A new house follows the process I wrote about in the previous post.

 

Zhongshan is a nice city, not too far from Guangzhou. Still, unlike in the biggest cities, you need to be more careful about the title issue.

 

Once you get to Zhongshan, let me know. We can meet over a pizza in Guangzou!

[chilton747]

Bill I will have to read this several times to digest all of this info. Thank you so much!!!!!!! The city is Zhongshan and it will be new.

 

Ok. A new house follows the process I wrote about in the previous post.

 

Zhongshan is a nice city, not too far from Guangzhou. Still, unlike in the biggest cities, you need to be more careful about the title issue.

 

Once you get to Zhongshan, let me know. We can meet over a pizza in Guangzou!

 

Thanks Bill....I am looking for a ticket to GZ for sometime this fall. I will give you a shout and I would love to meet. Been a long time since I have had pizza but I guess one time will not hurt anything

[GZBILL]

Bill I will have to read this several times to digest all of this info. Thank you so much!!!!!!! The city is Zhongshan and it will be new.

 

Ok. A new house follows the process I wrote about in the previous post.

 

Zhongshan is a nice city, not too far from Guangzhou. Still, unlike in the biggest cities, you need to be more careful about the title issue.

 

Once you get to Zhongshan, let me know. We can meet over a pizza in Guangzou!

 

Thanks Bill....I am looking for a ticket to GZ for sometime this fall. I will give you a shout and I would love to meet. Been a long time since I have had pizza but I guess one time will not hurt anything

 

Or there's this great Sichuan style restaurant in Guangzhou called the Chuan Guo Yan Yi. You'd probably like it -- they have something for everyone.

[GZBILL]

You do know that an expat can only purchase one property and that property must be your principal place of residence, right? One way around this is by purchasing the property jointly with a Chinese citizen or PR.

 

I'm sorry, I overlooked one slight issue.

 

An expat who has been in China for at least one year on a residence permit issued for either student or employment purposes can purchase a residential property to be used as their principal place of residence. More than one is not supposed to be allowed as is commercial property.

 

Those who have not already been in China at least one year on a residence permit are not supposed to be able to purchase any property.

 

However, if a co-purchaser is a Chinese citizen or PR, then restrictions do not apply -- except in Beijing. In Beijing all housing purchases where one party is not a Chinese citizen or PR must be government vetted to ensure that the property is not too close to government or other sensitive installations.

[chilton747]

You do know that an expat can only purchase one property and that property must be your principal place of residence, right? One way around this is by purchasing the property jointly with a Chinese citizen or PR.

 

I'm sorry, I overlooked one slight issue.

 

An expat who has been in China for at least one year on a residence permit issued for either student or employment purposes can purchase a residential property to be used as their principal place of residence. More than one is not supposed to be allowed as is commercial property.

 

Those who have not already been in China at least one year on a residence permit are not supposed to be able to purchase any property.

 

However, if a co-purchaser is a Chinese citizen or PR, then restrictions do not apply -- except in Beijing. In Beijing all housing purchases where one party is not a Chinese citizen or PR must be government vetted to ensure that the property is not too close to government or other sensitive installations.

Bill I saw this but I knew what you meant. I know that my position does not allow me to own property there. But i can read between the lines. I think things will go smoothly thanks to your help

[chilton747]

Bill I will have to read this several times to digest all of this info. Thank you so much!!!!!!! The city is Zhongshan and it will be new.

 

Ok. A new house follows the process I wrote about in the previous post.

 

Zhongshan is a nice city, not too far from Guangzhou. Still, unlike in the biggest cities, you need to be more careful about the title issue.

 

Once you get to Zhongshan, let me know. We can meet over a pizza in Guangzou!

 

Thanks Bill....I am looking for a ticket to GZ for sometime this fall. I will give you a shout and I would love to meet. Been a long time since I have had pizza but I guess one time will not hurt anything

 

Or there's this great Sichuan style restaurant in Guangzhou called the Chuan Guo Yan Yi. You'd probably like it -- they have something for everyone.

 

How did I miss this Chuan Guo Yan Yi it is!!!!!

[jemmyell]

When buying a home in China, what is the best way to transfer the funds from the US for the purchase?

 

For conversion of US$ to RMB you can transfer in and convert a virtually unlimited amount. The problem arises when you want to convert US$ to RMB.

 

When the issue is exchanging RMB to US$, you have several options. One is that a Chinese citizen or Chinese permanent resident can freely convert up to $50k per year for virtually any reason simply upon producing their ID card. All others have to jump through hoops and face many restrictions. A new rule allows any foreigner to convert RMB to up to $500 per day -- definitely a hassle for large amounts.

 

However, when converting the RMB realized from the sale of a property which was your principal place of residence, there is no limit. You first need to apply to SAFE (State Administration of Foreign Exchange) for approval though, which is not very difficult.

 

You do know that an expat can only purchase one property and that property must be your principal place of residence, right? One way around this is by purchasing the property jointly with a Chinese citizen or PR.

 

Thanks Bill. This house will be a retirement home or I might possibly go to live there sooner. I will let my wife do all of the transactions so I see it as a fairly simple deal. I assume I can wire the money to the seller of the house without much problem now. It will be less than 50000 USD.

 

One thing I'd suggest is to have your name listed on the title as well.

 

Not that you shouldn't trust your wife, but there is an extremely practical reason for having your name on the title. Should you ever decide to apply for permanent residency, having your name on the title of the home is prima facie evidence of meeting the requirement of "stable" residence.

 

Yes this has already been agreed on. It was her idea to put my name on it.

 

This is good. It is an almost sure way to meet the "stable residence" requirement when you apply for PR. Oh, and I forgot to mention that it is a definite plus if you should need credit from local banks.

 

One thing to be careful about when purchasing a home is whether or not the seller has the ability to pass clear, legal title. Title is something that can be pretty tricky as there are several forms of what they call "title," but there is only one form which is 100% kosher and guarantees you actually own the home and not lose it on a whim of some low-level government bureaucrat.

 

Basically speaking, there are about 3 main types of "title":

 

1. The government deeds the land to a farmer for agricultural purposes. Many times the farmers endorse this deed and "sell" the land for housing development. This is not kosher and people often lose their home so easily it can make your head spin.

 

2. Government land bureaus below the provincial level deed the land to housing developers who then construct housing units. Purchasers are given either collective deeds (one deed covering all the "owners" in the building) or else even individual deeds. These deeds have the seal of the local land bureau office below provincial level. These are also not kosher. This type of thing happens quite a bit, actually, and in addition to the often happening worst-case scenario of losing the home, there is a best-case scenario where you can never sell the home because nobody is crazy enough to accept the deed you have as clear title.

 

3. Provincial level land bureaus issue direct title to individual home purchasers. This is the only sceario you should accept. These titles are A4-sized books, either green or red in color, and have the seal and revenue stamp of the provincial government.

 

Sometimes it is difficult to actually know what is going on and you can't always trust or rely on the seller (or even lawyers you may hire) to know or even tell you the truth should they actually know. One fool-proof way of being sure you'll get the provincial land deed is to obtain a mortgage to purchase the house. A mortgage is extremely easy, cheap and quick to obtain and a bank will never allow a mortgage unless the bank itself has ascertained that the house transaction will result in the issuance of a provincial title.

 

You don't have to get a mortgage for the whole amount of the home. You can obtain a mortgage for, say, 10% and then once the title has been issued to you and your wife and you have them in your hands, you pay off the balance on the mortgage early.

 

Oh, and it can take up to a year or so before the government actually issues the title. You don't get that A4-sized book right away after buying the house, so don't worry. This is because there are a lot of hoops to jump through at the various land bureau offices and, as anybody knows, efficiency isn't the name of the game here. But if the bank has let you obtain a mortgage, you know that you will get the title eventually.

 

My wife and I want to buy an apartment in her home town where her family lives. The sellers have just finished the inside of a new apartment and are living in it while they wait for it to be sold. My wife says they have NOT 'registered the title' since this costs 'extra money' and we can register the title together after we pay them. Any idea if this is at all normal? Will getting a mortgage guarantee this sort of deal also? What does a mortgage usually cost (we will be in NE China, Jilin province).

 

-James

[GZBILL]

My wife and I want to buy an apartment in her home town where her family lives. The sellers have just finished the inside of a new apartment and are living in it while they wait for it to be sold. My wife says they have NOT 'registered the title' since this costs 'extra money' and we can register the title together after we pay them. Any idea if this is at all normal? Will getting a mortgage guarantee this sort of deal also? What does a mortgage usually cost (we will be in NE China, Jilin province).

 

-James

 

Unless the seller has an actual title in the form of either a red or green A4-sized book which is stamped by the provincial land bureau, they cannot legally pass title, period. There are scores of verified reports of people who have other forms of titles issued by local or city governments that, in the end, have their property paved over for a parking lot and get zero compensation.

 

Even if you are lucky and the government doesn't try to take the property away from you because you don't legally own it, noone elese would be foolish enough to buy it from you should you later want to sell it. Even in big cities like Guangzhou, there are complexes on the fringes of the city where they haven't legal title to pass to owners and when these people try to sell their homes nobody will pay them even 1/2 of the original purchase price -- if even that.

 

Golden Rule #1: If there is no title in the form of an A4 sized green or red book sealed by the provincial land bureau, you are going to get screwed.

 

I will scan one of mine and maybe Don can post it so people know what they must have in order to actually own the property.

 

Now, getting a mortgage will ensure you don't get taken. The bank will never approve a mortgage where they cannot perfect a lien on the property through the provincial land bureau.

 

I'm not sure what you mean by the cost of a mortgage, but I assume you mean closing costs. Getting a mortgage in China is nothing near the nightmare of getting one in the States. The only costs involved are the bank's lawyer's fees (the bank's lawyer also acts as your lawyer) and these will be no more than $200 (US) and usually just slightly more than $100.

 

You must, however, have property insurance that lasts for the life of the mortgage and that depends on the mortgage amount. The insurance coverage may cost you about 10k RMB or likely less.

 

There are no other costs associated with obtaining a mortgage.