Property in China

[Guest Mike and Lily]

Lack of property tax is one of the major attractions of owning real estate in China. They have lower income taxes as well. The amount of tax we pay on everything here in the USA really chafes my hide. The tax structure in this country in the future may make this country unlivable. Keep your Chinese real estate! It costs virtually nothing to hold on to it! (unless you have a mortgage)

[tsap seui]

I really appreciate these threads.

 

I sold one of my two houses a few months ago and have the other, paid off one, on the market. The money from the second house will go to China to buy a home there...visa or no visa.

 

A few months into this blue slip wait, I felt I had seen enough of american politics and gettin' my chain jerked around by grocery clerks in Guangzhou, so, I put my house on the market and moved into an apartment to wait out this hell by "profile" the VO gave my fiancee, and the eventuality that she MAY be allowed to move to america.

 

I can't protest or lodge a complaint to GUZ about their angry obnoxious VO in the fear of slowing down our wait EVEN more...but...I can protest america and stop buying american...if there still exists such a thing. No more houses and the taxes paid on them. I've turned in my 06' Vette and Chevy Alvalance, and the Harley is now sold. The american flag lays frozen in the mud at the house for sale.

 

I'll pay my income taxes, but I refuse to keep more than a minimal amount in my bank account. Everything extra is Western Unioned to the lil' rabbit and being put into a Chinese bank account.

 

The lil' rabbit has this dream that she HAS to live a year or two in america, and I want to take her to Australia and New Zealand, and help her with her business start-up here, but I often feel like a Chinese that is only here to make as much money as I can and send it "home" to prepare for our REAL future.

 

Again, I apologize if this way of thinkin' goes against the grain of american flag wavers. I fought for this country with all my might, but my american dream got tied to the stake and the wood placed around it by a government official (VO) in GUZ, and the flames were lit by the DOS, my Congressman, and lame attempt of help by the president.

 

For now, I can only protest in silence and on here, but if the lil' rabbit gets her visa, you may see "our" love story, and the hell with legal immigration quite possibly on Opra, Ellen, and maybe a local Washington, DC news station.

 

Once she's here on the K-1 visa I'll quickly apply for AP and the rest of the crap. I only care about AP so I can quickly take the lil' rabbit to see the beauty of OZ and NZ. I don't care about the rest of the AOS stuff.

 

I am having to eat shit for now and keep my mouth shut in subservience to the so called powers that be, but, while I know I can do nothing futher for our case, maybe by letting the cat out of the bag on TV I will help others down the road with their visa journey....but I doubt it will do anything whatsoever, other than possibly getting a trip to Chicago paid for by Opra.

 

The american government is blind, and always will be.

 

And with that, ladies and gentlemen...I'm gettin' down off my soapbox and headin' to the Piggly Wiggly to call Western Union and send some more american pesos to China.

 

Respectively,

 

tsap seui

[Tony_onrock]

The real property prices is, it appears coming down in most places in China now and may get lower over the next couple of month.

Wanke, the largest developer in China just lowered their price in Shanghai. Even in Chengdu the prices by Lan Guang is coming down. They just listed some apartments for 3880/sm, while the land they bid for next to it last fall has a AV price of 4000. In other words they are selling below pre-construction land price.

One thing in common between these two are that they both bid for quite a lot of land at high price last year and it is now time to pay for the land. They have to do these emergency sales to recoup some cash to pay for land, repay bank loans etc. So for the consumer,there may be quite a few bargins with developer that run into these financial difficulties. Did any one look at the RMB exchange rate today?

[Tony_onrock]

I understand your feeling. My boss gave up his US citizenship in Feb. He immigrated to the US before high school. I am also trying to get another country's citizenship (other than China which also impose world wide tax) before my profit share vests.

[Finer in China]

... Did any one look at the RMB exchange rate today?

http://www.collegesportingnews.com/stats/2008/writer/exchangerate.jpg

 

That's the USD falling against the YUAN

Edited February 22, 2008 by oscar (see edit history)

[Jay & Ping]

We talked about her current residence today. She has a friend willing to rent it when she leaves. She carries no mortgages and is willing to keep them as long as we can. We both see the advantages.

[sleepless in Houston&CQ]

Lack of property tax is one of the major attractions of owning real estate in China. They have lower income taxes as well. The amount of tax we pay on everything here in the USA really chafes my hide. The tax structure in this country in the future may make this country unlivable. Keep your Chinese real estate! It costs virtually nothing to hold on to it! (unless you have a mortgage)

 

 

Yeap Mike for the time being we don't have to pay property tax

in China. But I see it coming down the road in the future for us

that have bigger condo's, apartments, etc.

If China does impose this tax thingie so be it, but for the time being

I'm going to take advantage of the free tax ride.

[Guest Mike and Lily]

Lack of property tax is one of the major attractions of owning real estate in China. They have lower income taxes as well. The amount of tax we pay on everything here in the USA really chafes my hide. The tax structure in this country in the future may make this country unlivable. Keep your Chinese real estate! It costs virtually nothing to hold on to it! (unless you have a mortgage)

 

 

Yeap Mike for the time being we don't have to pay property tax

in China. But I see it coming down the road in the future for us

that have bigger condo's, apartments, etc.

If China does impose this tax thingie so be it, but for the time being

I'm going to take advantage of the free tax ride.

 

It's one of those things you would need to cross if you come to it. Nothing's been done yet, just a lot of talk. Just wait a few years in the USA when you not only have to pay Fed income tax, state income tax, social security and medicare, but also the new HilBama health insurance tax.

[Tony_onrock]

It looks like the property tax for residential housing is coming one day or another in China. For commercial properties there is already such tax.

Well, I don't mind it if it is collected on all real estate. But knowing the Chinese gov. they probably will only collect from apartments larger than 140 Sq. meters.

 

As for the health insurance tax, Hil. proposed it in her hubby's first term, without much sucess. It is fair any way. I am afraid that one day US will be a magnified Crwon Heights in NYC.

[Guest Mike and Lily]

It looks like the property tax for residential housing is coming one day or another in China. For commercial properties there is already such tax.

Well, I don't mind it if it is collected on all real estate. But knowing the Chinese gov. they probably will only collect from apartments larger than 140 Sq. meters.

 

As for the health insurance tax, Hil. proposed it in her hubby's first term, without much sucess. It is fair any way. I am afraid that one day US will be a magnified Crwon Heights in NYC.

 

Well, I will never say the amount I pay in taxes is "fair", but it is what it is. Our place in China is only 124 sq M, so maybe will skate by on that one. I will say that anytime I don't need to pay taxes, it's like a gift. I get many more "gifts" in China than in the USA, that's for sure!

[Guest lilac6451]

In my city, I use a real estate agency to take care of my house.They rent my house every year for me. I dont have to pay for anything to them. I think the renters pay for them. I am renting my house now with the option for someone to buy.

 

I dont know why you guys have to pay for the real estate to take care of the renting.

[DMikeS4321]

This is reassuring. She says that she wants to "move all the way". She thinks that selling will make things easier here. We'll discuss it and decide together. I too would love to retire there or shuttle back and forth 50/50. Having an income stream there and a potential residence is helpful.

If we hold for a while and can't handle it we can sell later. Some are commercial properties. They may be more difficult.

I told her that her trips home would be tax deductible...I got a blank stare. We'll leave that for another day.

I still have to find a manager. Her family is great. I wouldn't want this to be a source of friction. Property management can be a bear!

 

I would definitely keep it, Jay, for all the reasons in your first paragraph above.