Residential property not for personal use is considered commercial real estate and its ownership is similarly restricted. The municipal authorities of Shanghai lifted the restriction on July 2001, Beijing followed on August 2002. At long last, you can be your own landlord. Arts & Entertainment (1387) Business & Jobs (2162) ... is it easy for a foreigner to buy a house in China?? Chinese living overseas and residents of … As an expat, you need to prove that you're legally working in China and have lived in China for more than 12 months. Property ownership for investment by foreign companies and individuals are prohibited. Foreigners are not allowed to purchase as many properties as they wish. Since 2010, foreign buyers have to pay a 7 percent urban maintenance tax as well when buying a property in cities. This rule was established after an abundance of foreign home buying and property investment. Expat Restrictions. Beijing Shanghai Guangzhou Shenzhen Chengdu Xi'an Hangzhou Qingdao Dalian Suzhou Nanjing More Cities>> Categories. When buying a property, you must sign a document saying the house’s purpose is for you to live in, but in practice, many people do lease out their properties. 9 years 22 weeks ago in Business & Jobs - China. This means foreign companies and individuals can own real estate in China only through a Foreign Invested Enterprise (FIE), such as a Wholly Foreign Owned Entity (WFOE) or through an Equity or Contractual Joint Venture (JV). Previously, A-shares were typically only available for Chinese citizens to purchase (though some foreign institutions were given permission to buy them in 2003). SHANGHAI -- China has relaxed rules on property sales to foreigners, in a move seen as aimed at boosting the country’s real estate sector amid a slowing economy. The policy regarding foreign companies and individuals purchasing property in China has gone up and down a lot in the past decade. Properties for sale in Shanghai, China from Savills, world leading estate agents. From country estates to city apartments, your ideal property is just a click away. Shanghai property transaction centers can make up own rules on trading on the basis of these policies, according to Shanghai Municipal Housing, Land and Resource Administration Bureau. What are the procedures and formalities?? Foreign companies (wholly foreign owned enterprises) in China are limited to the real estate activities they can engage in, many are operating as housing consultancy companies which means they can legally provide a consultancy service and help you find a apartment to rent in Shanghai. Moreover, they will be charged a 0.1 to 0.3 percent notary fee. Foreigners cannot be landlords. The legal paperwork involved in buying property in China as a foreigner is far more complex than that of most Western countries. In 2006, the government imposed a rule that prohibited foreign citizens working and living in China for less than a year from purchasing a home. Under current laws foreigners are allowed to buy one property for personal use. A-shares are traded in renminbi in the Shanghai and Shenzhen stock exchanges, while B-shares are traded in foreign currencies. Though there are no detailed rules and standards for measuring how big a house a foreigner can buy, as a general principle, a foreign individual qualified to buy property shall only buy residential property for … Renting out their property still falls in a legal gray area. Property investors may only obtain the right for land use through a 70-year term land lease. For investment by foreign companies and individuals are prohibited when buying a in! 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