Buy an apartment in China - reality or self-deception?
Have you ever thought about how to buy a flat in another country? When necessary - you can go there to relax, and when it is not required, it can be taken to obtain additional passive income. Or simply you want to move to another country? If you are considering to acquire ownership of an apartment in China - think again.
All the buildings, as well as land in the country belong to the state. Everything is everything. Private and apartment buildings, commercial and industrial buildings, shopping centers and so on. And buy the premises, you can only "temporarily". The law provides a time - 70 years for residential and 40 for commercial real estate. That is, in fact, you do not buy an apartment in the property - you take it out.
It is possible to transfer the apartment by inheritance, but after the expiration of your children, grandchildren, great-grandchildren will have to pay the cost of her one more time. The truth is not all, and "only" 50%. But there is a possibility that the state will not give you even this right. At the moment, I have not yet passed the 70-year period from the adoption of the law may have something in it to change, but still think it's not worth the risk.
These rules apply to both Chinese citizens and foreigners.
And keep in mind that if you are buying second homes, the period begins to run from the moment of your purchase, and from the moment when first bought the apartment owner. Why it happens?
The State explains why - according to the Chinese people through 70 years of housing comes into disrepair and can become dangerous to stay. Therefore it is necessary to demolish the building and build new ones. In general, after 70 years of housing will be any dilapidated, and people need to be evicted from it.
And only in this country house are considered "suitable for the repair" 100 years... But on the other hand, during the eviction from their state offers alternative accommodation or cash. And in China, yet it is not. It is possible that it just yet.
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