about chinese real estate

[lele]

My wife was reading the Qingdao realty web site and learned the house prices had gone down 8% in the first quarter.  Wonder if this is the start of a trend.  I would think that prices would be going up there as it will be the site of the sailing Olympics.

Ling's brother in law is looking into this, and he will be sending me some info in the mail soon. He and his father are into real estate. Soon as I receive, I will be posting what I can. I just hope that what he sends me is in English.

True on both accounts.

And the construction of the subway line will increase properties in the correct places as well. That is why we just purchased in Qingdao...

[Guest blsqueaky]

Ohhhhh, the chinese female mind never ceases to amaze me. Today she comes home, and now says to buy a house here, even tho she knows I retire in 10 year, and now not buy house in China. Wait till I retire, then buy in China. One of these days, I will figure her out. I sure hope that I hit the lottery soon, since the morgage on the house here will be 20 years, and the one in China is 15 years. Ohhhhhhhh the paid

[bubbafred10]

Cannot go wrong buying apartments or houses in China. In Shanghai real estate market, the prices still goes up though at lower rate. The recent rules on real estate transactions is intended to make it more difficult for price manipulations, such as flippings by foreign buyers (like Americans) and by Chinese themselves who pooled their capital. Buying real estate in China is like buying properties in 1920's USA. The wealth creation is only beginning. My wife already has one, and I will pay half the mortgage to get rid of the variable and rising rate commercial loan. The other half is fixed rate government loan and that one will pay monthly.

[david_dawei]

Cannot go wrong buying apartments or houses in China.  In Shanghai real estate market, the prices still goes up though at lower rate.  The recent rules on real estate transactions is intended to make it more difficult for price manipulations, such as flippings by foreign buyers (like Americans) and by Chinese themselves who pooled their capital. Buying real estate in China is like buying properties in 1920's USA.  The wealth creation is only beginning. My wife already has one, and I will pay half the mortgage to get rid of the variable and rising rate commercial loan.  The other half is fixed rate government loan and that one will pay monthly.

I very limited exposure to this (for Baoding), I understand the following:

1) You tend to pay a high percent as a down payment, 30+%

2) The loans take a long time to process, 1-2 months

3) You tend to pay by the square foot

 

Are these issues similar, or how different in other areas of China?

[Dan R]

Cannot go wrong buying apartments or houses in China.  In Shanghai real estate market, the prices still goes up though at lower rate.  The recent rules on real estate transactions is intended to make it more difficult for price manipulations, such as flippings by foreign buyers (like Americans) and by Chinese themselves who pooled their capital.   Buying real estate in China is like buying properties in 1920's USA.  The wealth creation is only beginning.   My wife already has one, and I will pay half the mortgage to get rid of the variable and rising rate commercial loan.  The other half is fixed rate government loan and that one will pay monthly.

I very limited exposure to this (for Baoding), I understand the following:

1) You tend to pay a high percent as a down payment, 30+%

2) The loans take a long time to process, 1-2 months

3) You tend to pay by the square foot

 

Are these issues similar, or how different in other areas of China?

China uses square meter. The amounts for down are changing. Not long ago a loan was only for 4 or 5 years now 20 or 30 year loans are available. China changes fast.

 

My own pet gripe is we can't even get onto the metric system. Industry claims it protects us from cheap import machine parts but we already have mostly imports.

[david_dawei]

Cannot go wrong buying apartments or houses in China.  In Shanghai real estate market, the prices still goes up though at lower rate.  The recent rules on real estate transactions is intended to make it more difficult for price manipulations, such as flippings by foreign buyers (like Americans) and by Chinese themselves who pooled their capital.   Buying real estate in China is like buying properties in 1920's USA.  The wealth creation is only beginning.   My wife already has one, and I will pay half the mortgage to get rid of the variable and rising rate commercial loan.  The other half is fixed rate government loan and that one will pay monthly.

I very limited exposure to this (for Baoding), I understand the following:

1) You tend to pay a high percent as a down payment, 30+%

2) The loans take a long time to process, 1-2 months

3) You tend to pay by the square foot

 

Are these issues similar, or how different in other areas of China?

China uses square meter. The amounts for down are changing. Not long ago a loan was only for 4 or 5 years now 20 or 30 year loans are available. China changes fast.

 

My own pet gripe is we can't even get onto the metric system. Industry claims it protects us from cheap import machine parts but we already have mostly imports.

thanks for the correction on square meter...

 

And longer loans because longer time spending on interest.. more money to the bank?

[James]

Cannot go wrong buying apartments or houses in China.  In Shanghai real estate market, the prices still goes up though at lower rate.  The recent rules on real estate transactions is intended to make it more difficult for price manipulations, such as flippings by foreign buyers (like Americans) and by Chinese themselves who pooled their capital.   Buying real estate in China is like buying properties in 1920's USA.  The wealth creation is only beginning.   My wife already has one, and I will pay half the mortgage to get rid of the variable and rising rate commercial loan.  The other half is fixed rate government loan and that one will pay monthly.

I very limited exposure to this (for Baoding), I understand the following:

1) You tend to pay a high percent as a down payment, 30+%

2) The loans take a long time to process, 1-2 months

3) You tend to pay by the square foot

 

Are these issues similar, or how different in other areas of China?

China uses square meter. The amounts for down are changing. Not long ago a loan was only for 4 or 5 years now 20 or 30 year loans are available. China changes fast.

 

My own pet gripe is we can't even get onto the metric system. Industry claims it protects us from cheap import machine parts but we already have mostly imports.

Ten years from now, everything is going to be metric. I know this because my elementary school teacher told me so ... um ... about 20 years ago ...

[skibum]

Don't forget that when you buy RE in China, it will be for a fixed period such as 50 - 70 years. We looked at new homes in Nanjing and we would own the house for 50yrs and the lot for 60. Never figured out how that would work.

[Guest blsqueaky]

Don't forget that when you buy RE in China, it will be for a fixed period such as 50 - 70 years. We looked at new homes in Nanjing and we would own the house for 50yrs and the lot for 60. Never figured out how that would work.

Ski, that brings up an interesting question, you get a mortgage, lets 10-15 years, you pay it off, well yes, I would thinkk, that yes, you own it, unless it is a condo. I know that right now where I live, up until recently she owned the house. She was finally able to buy the lot that it sits on. Back in the old days of the village here, many came in and bought up all of the property, and lease out the land. After the old many died that owned all the property up here, the atty's are finally starting to sell them off. Where I live is so private, the cops can not even come up and partol unless they are called, or have a very good reason.

[Dan R]

Don't forget that when you buy RE in China, it will be for a fixed period such as 50 - 70 years. We looked at new homes in Nanjing and we would own the house for 50yrs and the lot for 60. Never figured out how that would work.

Ski, that brings up an interesting question, you get a mortgage, lets 10-15 years, you pay it off, well yes, I would thinkk, that yes, you own it, unless it is a condo. I know that right now where I live, up until recently she owned the house. She was finally able to buy the lot that it sits on. Back in the old days of the village here, many came in and bought up all of the property, and lease out the land. After the old many died that owned all the property up here, the atty's are finally starting to sell them off. Where I live is so private, the cops can not even come up and partol unless they are called, or have a very good reason.

This is lease hold the same as was done until recently in Hawaii.

[skibum]

Squeaky - What we looked at was a single family home in a new development. If you buy in China, you want to make sure how it works before you buy.

[bubbafred10]

My own pet gripe is we can't even get onto the metric system. Industry claims it protects us from cheap import machine parts but we already have mostly imports.

 

 

Americans have low math skills and are not adept at changing from English units to metric, particularly those in construction industry. The cost of construction went up whenever the specs are in metric. Texas DOT was the first one to abandon the metric. Caltrans has manuals in both metric and feet, but new publications are in metric.

[Guest blsqueaky]

Rec'd package from the family today regarding this. The sent me 2 brouchures of what we are looking for, they are high rise apartments, 3 br, bath, living, etc, etc, measure 89-106m squared, price $60K and another one about the same, local is great, and the outside around the pools and other areas looks like an Hawaiin paradise, price about $100K. The also sent me a financing chart based on a $60k home, but it also in Chinese, and my wife is trying to figure it out, but her english is not that great. Now if there is someone here that can read and translate simplified chinese, I will gladly scan and email so that you can tell us.

 

She did inform me just now that sine last year, the prices are skyrocketing. The place that we were looking at last year as selling for around $50-60K, now they are at around $80-90K. I remember someone here saying something about this.

[rogerluli]

Rec'd package from the family today regarding this. The sent me 2 brouchures of what we are looking for, they are high rise apartments, 3 br, bath, living, etc, etc, measure 89-106m squared, price $60K and another one about the same, local is great, and the outside around the pools and other areas looks like an Hawaiin paradise, price about $100K. The also sent me a financing chart based on a $60k home, but it also in Chinese, and my wife is trying to figure it out, but her english is not that great. Now if there is someone here that can read and translate simplified chinese, I will gladly scan and email so that you can tell us.

 

She did inform me just now that sine last year, the prices are skyrocketing. The place that we were looking at last year as selling for around $50-60K, now they are at around $80-90K. I remember someone here saying something about this.

I would be very careful if this is an "investment" in buying when prices are skyrocketing. There is always the "greater fool" theory and there may not be one available when you need him.

 

Are these condos in the GZ suburbs Mark?

 

For the metrically area-wise challenged-1 meter square=10.76 square feet

[Guest blsqueaky]

Rec'd package from the family today regarding this. The sent me 2 brouchures of what we are looking for, they are high rise apartments, 3 br, bath, living, etc, etc, measure 89-106m squared, price $60K and another one about the same, local is great, and the outside around the pools and other areas looks like an Hawaiin paradise, price about $100K. The also sent me a financing chart based on a $60k home, but it also in Chinese, and my wife is trying to figure it out, but her english is not that great. Now if there is someone here that can read and translate simplified chinese, I will gladly scan and email so that you can tell us.

 

She did inform me just now that sine last year, the prices are skyrocketing. The place that we were looking at last year as selling for around $50-60K, now they are at around $80-90K. I remember someone here saying something about this.

I would be very careful if this is an "investment" in buying when prices are skyrocketing. There is always the "greater fool" theory and there may not be one available when you need him.

 

Are these condos in the GZ suburbs Mark?

 

For the metrically area-wise challenged-1 meter square=10.76 square feet

Yes they are, close to the subway stations, about 1 hour by bus, so yes, they are a little way out there.

 

This is something that we are looking into for retirement. For what they are asking now, try to rent out when gone, I am not sure what kinda price to ut on the place, and if someone could pay it, or even afford it.