Since 2015, foreigners can buy a property in China without having to fulfil the requirement of them staying in the country for at least one year. Yes, restrictions are there for foreigners in buying the land, as the government owns them. Leasehold agreement can be drawn if someone wants to have a land under his or her name.
WHAT YOU NEED TO BUY A CHINESE PROPERTY?
Different Chinese regions have set their own regulations for the property purchase procedure. For instance, if a foreigner wants to purchase a property in Shanghai, he or she will have to proof that they are married. Though the foreigners are not restricted to buy more than one property, the purchased properties must be for the residential uses.
Renting them is not allowed in any region in China. If someone wants a property for some other use, then they will have to start a company under their name in China. For foreigners who are already living in China and want to buy their own property, a proof of residing in the country for at least a year is needed. Also, the person must pay all the required taxes.
BUYING GUIDE FOR CHINESE PROPERTY
A foreigner can have either of the two property titles- the freehold and the leasehold.
First you need to hire a real estate agent, who will guide you through the property choice process. As the agents are aware of the real estate market in the Chinese mainland, hiring one will give you the lever to strike the best deal.
A preliminary agreement is drawn where all the terms and conditions will be mentioned. This will be done by the notary as they are familiar with the legal proceedings in China.
If the seller agrees with the terms and conditions that you have mentioned in the agreement, both of you will sign the papers and you will make a deposit of 1% of the purchase price.
The final sale deed must be signed in front of the notary on the date mentioned.
It is the duty of the foreigners to obtain a buying approval from the local Foreign office.
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