steveandrong Posted July 10, 2011 Report Share Posted July 10, 2011 Rong and I have been discussin home ownership in China. She says that you are allowed to own a home for 70 years, and then it reverts back to the company or government or sumpthing.....now, I am sure that by the time you are in a position to buy a home and then live another 70 years, you are gettin near the end of your rope anyhow.....but, is it possible to pass the home onto the child/children and then they get it for another 70 years?...or can you sell it before your 70 years is up and buy a new home which maybe is yours for seventy years...I know it is common practice for those who are well off to buy homes and then rent them out....what happens to these homes after the "70 year expiration date"?....are they sold to there children at a token price, passed on and retitled in the childrens name or what?....how is all this handled in china? Link to comment Share on other sites More sharing options...
Beachey Posted July 10, 2011 Report Share Posted July 10, 2011 This is my understanding. All land in China is owned by the State. The State issues 70 year leases to developers or in some cases individual owners. The land is then built on and what you actually own is the house/apartment but not the land. So after 70 years, the lease expires. Now the PRC, founded in 1949, is only 62 years old so I am not sure if any lease has actually expired yet so it is not completely clear what will happen when the lease expires. Will the government let you renew? At what rate? I do know that it is typical when the government wants land for a new development that they use "Chinese Eminent Domain"to make people move. Tyically, the people are compensated but stories vary as to how adequate the compensation is. I assume something smiliar would happen if a lease expired and was not renewed. Link to comment Share on other sites More sharing options...
Randy W Posted July 10, 2011 Report Share Posted July 10, 2011 An interesting article on the subject http://www.atimes.com/atimes/China_Business/HJ03Cb01.html Shenzhen, as a special economic zone, was the first city in China to sell land (or the right to use land), in the early 1980s. Now the land leases of some commercial estates have expired. According to Chinese law, the length of a land lease varies according to its usage. The maximum term is 70 years for residential housing, followed by 50 years for industrial estates, and then 40 years for commercial estates, according to a law passed in 1990. So the 70 year leases don't hit the fan until 2060 at the earliest. China Adopts Landmark Property Law (2006) The new law apparently allows leases to be extended forever. Link to comment Share on other sites More sharing options...
K.M. Posted August 17, 2011 Report Share Posted August 17, 2011 This is my understanding. All land in China is owned by the State. The State issues 70 year leases to developers or in some cases individual owners. The land is then built on and what you actually own is the house/apartment but not the land. So after 70 years, the lease expires. Now the PRC, founded in 1949, is only 62 years old so I am not sure if any lease has actually expired yet so it is not completely clear what will happen when the lease expires. Will the government let you renew? At what rate? I do know that it is typical when the government wants land for a new development that they use "Chinese Eminent Domain"to make people move. Tyically, the people are compensated but stories vary as to how adequate the compensation is. I assume something smiliar would happen if a lease expired and was not renewed. Actually, it is not only 70-year terms. Some are for 60 and some are for even less. And since the lease terms begins to run when the developer first obtained the land and there is generally a multi-year lag between when the land is obtained by the developer and when any property built, if any, is available for sale, you may find your actual term several years less than what it would ordinarily be. Also, as previously pointed out, about 4 years ago the Property Law was upgraded to allow people to own urban residential property in perpetuity. There may be a small and relatively insignificant fee / tax, but they cannot just take away your property and leave you homeless. The law of eminent domain, though, is alive and well in China. Aside from how farmers can get shafted when their farmlands are taken for industrial use, most urban residential property owners are treated more or less fairly if their land is taken for public purposes. Link to comment Share on other sites More sharing options...
Randy W Posted August 17, 2011 Report Share Posted August 17, 2011 Yes, they have expired - some classes of property have been leased for less than the 70 years The current wording of the law, which has been in effect since 2007, states that all ¡°land use rights [for residential properties] will automatically be renewed according to relevant state regulations¡±. Just don't worry about it - you should be fine! It's doubtful that they would tear your building down, or kick anybody out when the lease expires. Not any more so than if they did that at any OTHER time. Perhaps they'll just figure out a reasonable fee to charge everybody when the time comes. Maybe not. http://www.chinalawblog.com/2011/08/chinas_empty_apartments.html China's New Property Law, Part III -- Rules Of Real Property Ownership Link to comment Share on other sites More sharing options...
Am4wag Posted September 10, 2011 Report Share Posted September 10, 2011 Well,the he bei district housing authority of Tianjin has been bullying and oppressing these people,including my in laws,with no authority or superiors.Here's a link as to what's happening according to my wife.I'm hoping some chinese speaking/reading folks on this forum can spread this. http://news.qq.com/a/20110909/000227.htm#p=16 http://www.baidu.com/baidu?word= ... e_8_dg&ie=utf-8 Link to comment Share on other sites More sharing options...
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