about chinese real estate

[Guest blsqueaky]

[html][code]Wow that is way cheap for a year! I lived in a very upscale apartment building with a fabulous city view and I payed 2500 per month...that's 30,000 /year...$3,375/year. 8000 a year hardly gets you $1000 in a year...not a worth while investment. 

 

It is not if you calculate in American money.

The house that I am looking at in GZ will have a morgage of 24,600RMB per year, definately not worth hiring out for 8,000 RMB per year, and this mortgage is for 20 years

[Dan R]

[html][code]Wow that is way cheap for a year! I lived in a very upscale apartment building with a fabulous city view and I payed 2500 per month...that's 30,000 /year...$3,375/year. 8000 a year hardly gets you $1000 in a year...not a worth while investment. 

 

It is not if you calculate in American money.

The house that I am looking at in GZ will have a morgage of $24,600RMB per year, definately not worth hiring out for $8,000 RMB per year, and this mortgage is for 20 years

I think I'm getting mixed up between US$ and RMB is everyone using $ to mean U.S. $ or RMB. I think we should stick to the international standards for ease of clarity. In China it is RMB do not use the $ sign. Currency used in the U.S. is referred to as US$. This avoids confusion with other world currencies also called $ and prevents further scrambling my poor aged brain.

 

Thank you for your assistance and cooperation

 

[rogerluli]

[html][code]Wow that is way cheap for a year! I lived in a very upscale apartment building with a fabulous city view and I payed 2500 per month...that's 30,000 /year...$3,375/year. 8000 a year hardly gets you $1000 in a year...not a worth while investment. 

 

It is not if you calculate in American money.

The house that I am looking at in GZ will have a morgage of $24,600RMB per year, definately not worth hiring out for $8,000 RMB per year, and this mortgage is for 20 years

Yesterday it was posted on this or the sister thread that foreigners pay MUCH higher taxes on property they own in China. I did not know this but it is not surprising either. Mark did you get any info on taxes for this house you are considering?

 

Also have to agree with Dan on the currency issue. It is confusing to be getting some info in $ and some in RMB. I think also staying with RMB makes sense since we are talking about China...

[Guest blsqueaky]

Fixed it

[rogerluli]

[html][code]Wow that is way cheap for a year! I lived in a very upscale apartment building with a fabulous city view and I payed 2500 per month...that's 30,000 /year...$3,375/year. 8000 a year hardly gets you $1000 in a year...not a worth while investment. 

 

It is not if you calculate in American money.

The house that I am looking at in GZ will have a morgage of $24,600RMB per year, definately not worth hiring out for $8,000 RMB per year, and this mortgage is for 20 years

Yesterday it was posted on this or the sister thread that foreigners pay MUCH higher taxes on property they own in China. I did not know this but it is not surprising either. Mark did you get any info on taxes for this house you are considering?

 

Also have to agree with Dan on the currency issue. It is confusing to be getting some info in $ and some in RMB. I think also staying with RMB makes sense since we are talking about China...

bump

[skibum]

I expect that this year or next the RMB will be revalued against the $. This should greatly affect RE prices if you are changing $ to RMB to buy the place.

[Guest blsqueaky]

[html][code]Wow that is way cheap for a year! I lived in a very upscale apartment building with a fabulous city view and I payed 2500 per month...that's 30,000 /year...$3,375/year. 8000 a year hardly gets you $1000 in a year...not a worth while investment. 

 

It is not if you calculate in American money.

The house that I am looking at in GZ will have a morgage of $24,600RMB per year, definately not worth hiring out for $8,000 RMB per year, and this mortgage is for 20 years

Yesterday it was posted on this or the sister thread that foreigners pay MUCH higher taxes on property they own in China. I did not know this but it is not surprising either. Mark did you get any info on taxes for this house you are considering?

 

Also have to agree with Dan on the currency issue. It is confusing to be getting some info in $ and some in RMB. I think also staying with RMB makes sense since we are talking about China...

bump

Roger, still looking into that. I am also looking at maybe putting it in Ling;s name, and see if this can save something. Here is something that I am trying to find out, living here, paying taxes here, but own real estate in China, what is that going to do????

[rogerluli]

I expect that this year or next the RMB will be revalued against the $.  This should greatly affect RE prices if you are changing $ to RMB to buy the place.

This is a major worry. Obviously at some point our dollars will buy less yuan. It was interesting reading "Riding the Iron Rooster"written in the 80s when the exchange rate went from 3 RMB -$1 to 4-1. That was a huge percentage change compared to any fine tuning that will be done now. I worry more about a drop in prices in the near future though. I think China is riding an asset bubble now and bubbles have to burst.

 

Of course the government in China does not wish to make their products more expensive in the US where we now buy 50% of our consumer goods from China. Also China holds a mountain of US debt that they would be devaluing.

 

Wasn't it Harry Truman who asked for a one-armed economist who could not say, "Well Mr. President on the one hand this and on the other hand that...blah blah blah."

[Dan R]

Harry was a good one with words. He also said "The buck stops here". The amazing thing when he said it that differs him from your usual politicians, he wasn't referring to graft.

[Guest blsqueaky]

Yesterday it was posted on this or the sister thread that foreigners pay MUCH higher taxes on property they own in China. I did not know this but it is not surprising either. Mark did you get any info on taxes for this house you are considering?

Hello Roger, just asked the wife, and she says no, it will not be any different, Chinese or American, it will be the same. My only concern, will I have to pay it at the end of the year on my taxes, since it is not property in the US, but I am still paying interest. Need to find a good realtor and ask this question, since this is going to definately factor into it.

[rogerluli]

Yesterday it was posted on this or the sister thread that foreigners pay MUCH higher taxes on property they own in China. I did not know this but it is not surprising either. Mark did you get any info on taxes for this house you are considering?

Hello Roger, just asked the wife, and she says no, it will not be any different, Chinese or American, it will be the same. My only concern, will I have to pay it at the end of the year on my taxes, since it is not property in the US, but I am still paying interest. Need to find a good realtor and ask this question, since this is going to definately factor into it.

If you can get money out of your house here and use that to buy a place in China then the mortgage interest on your US property would be tax deductible but it would be also financing the house in China. Taxes you pay on a house in China I suspect would not be tax deductible for US taxes. If you get any info on property tax rates in China please share that here but I imagine that would depend on the city or province the property is in.

[Guest blsqueaky]

Yesterday it was posted on this or the sister thread that foreigners pay MUCH higher taxes on property they own in China. I did not know this but it is not surprising either. Mark did you get any info on taxes for this house you are considering?

Hello Roger, just asked the wife, and she says no, it will not be any different, Chinese or American, it will be the same. My only concern, will I have to pay it at the end of the year on my taxes, since it is not property in the US, but I am still paying interest. Need to find a good realtor and ask this question, since this is going to definately factor into it.

If you can get money out of your house here and use that to buy a place in China then the mortgage interest on your US property would be tax deductible but it would be also financing the house in China. Taxes you pay on a house in China I suspect would not be tax deductible for US taxes. If you get any info on property tax rates in China please share that here but I imagine that would depend on the city or province the property is in.

Right now do not own a house here, believe it or not, and the wife says that we are not going to buy one here, since we are retiring in China in 10 years, and she feels, not buy, she likes what I have for rental that we live in on the lake. You know, that this is a good question to ask a tax atty, if I buy, live here, but just pay, can I deduct, since I am paying a bank.

 

We will have to keep this around, since I know that there are others that are thinking the same as us, buying property, and later living there. I have asked the wife about renting out to her sister and brother in law, and the answer is know, they already own 2, maybe 3 homes now, and no, I am not buying from him. I am still looking at the emerald Gardens. I liked what I saw the last time that I was there, 3 br, 2 baths, utilities, security and green fees. Important, green fees.

[rogerluli]

Yesterday it was posted on this or the sister thread that foreigners pay MUCH higher taxes on property they own in China. I did not know this but it is not surprising either. Mark did you get any info on taxes for this house you are considering?

Hello Roger, just asked the wife, and she says no, it will not be any different, Chinese or American, it will be the same. My only concern, will I have to pay it at the end of the year on my taxes, since it is not property in the US, but I am still paying interest. Need to find a good realtor and ask this question, since this is going to definately factor into it.

If you can get money out of your house here and use that to buy a place in China then the mortgage interest on your US property would be tax deductible but it would be also financing the house in China. Taxes you pay on a house in China I suspect would not be tax deductible for US taxes. If you get any info on property tax rates in China please share that here but I imagine that would depend on the city or province the property is in.

Right now do not own a house here, believe it or not, and the wife says that we are not going to buy one here, since we are retiring in China in 10 years, and she feels, not buy, she likes what I have for rental that we live in on the lake. You know, that this is a good question to ask a tax atty, if I buy, live here, but just pay, can I deduct, since I am paying a bank.

 

We will have to keep this around, since I know that there are others that are thinking the same as us, buying property, and later living there. I have asked the wife about renting out to her sister and brother in law, and the answer is know, they already own 2, maybe 3 homes now, and no, I am not buying from him. I am still looking at the emerald Gardens. I liked what I saw the last time that I was there, 3 br, 2 baths, utilities, security and green fees. Important, green fees.

My SO wants to buy a condo now in her home town of Huaihua in Hunan. Since she is currently stuck there waiting for a new passport she has been investigating and the houses she likes are about 300,000 RMB.She says we can rent it out to friends but I have not investigated the financial end of that yet. I'm sure as soon as she is here she will start pushing me to buy a place... I've told her we can buy in 2 years when we go back for a visit.I don't know any other details of what she is looking at but once she is here and I get that I will post it.

 

I'm assuming that "green fees" are the fees that all of us "rich" Americans will have to pay in greenbacks to the local officials...

[DocMartin817]

This is also an area I would like to find out more about. Liwen already owns one apartment there that she rents out and is planning on buying more once she starts working here. I just assumed that it would be easier if all the Chinese real estate is in her name. My plan is the same, to retire there in the future, so buying real estate over there is very interesting to me.

[rogerluli]

This is also an area I would like to find out more about. Liwen already owns one apartment there that she rents out and is planning on buying more once she starts working here. I just assumed that it would be easier if all the Chinese real estate is in her name. My plan is the same, to retire there in the future, so buying real estate over there is very interesting to me.

I was wondering about ownership also. My SO wants to become a USC herself before we retire so I assume that any advantage would be lost then anyway. Having ben divorced twice myself I personally would not want everything in my wife's name... nudge, nudge, wink, wink. But I am no attorney.

 

I have tried unsuccessfully to get much real estate info online from China. There is just nothing like our MLS system that would make it easy. All I have ever found was real high end stuff in Shanghai, GZ, and Beijing. But of course all of China is still the land of 10 million mom & pop stores compared to our big boxes, so I guess real estate is the same way.

 

It would be interesting to have a little corner of CFL for this kind of thing but perhaps there is not enough interest to keep it going right now. I only know of a handful of guys thinking this way but perhaps more would come out of the woodwork...