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Jan. 26 – The Beijing government has lifted restrictions on foreigners wanting to purchase real estate in an effort to lift the slumping property market.
For this year, the residency requirement and house type limits that applies for foreign expatriates have been removed. Previously, only expatriates that have resided in the capital for more than a year and prove that they will be the primary users could buy real estate.
In 2008, purchases of floor space in commercial residential buildings plunged 40 percent compared to last year.
Does this new regulation allow expatriate to buy more than one unit of property in China?
In other word, if an expatriate now already own a unit of property in China, can he purchase second unit of property?
Dear Robert,
Our understanding of the situation is that yes, from January 1, 2009 until December 31, 2009, foreigners will be able to buy more than one unit in Beijing, even if they currently already own a unit.
Please note that this regulation only applies to the city of Beijing.
Here is a link to the regulation: http://www.bjjs.gov.cn/tabid/662/InfoID/41704/Default.aspx
Regards,
Dear Editor,
This is no doubt welcoming news for individuals who have always been interested in purchasing property in Beijing but have faced earlier challenges in doing so.
I would like to however inquire about the limitations that previously prevented expatriates from leasing out their properties? Has this also been lifted as well?
Regards,
Calvin Li
Calvin, your question intrigues me. What restrictions are you referring to?
I’ve read in an article somewhere that expatriates were restricted in renting out their properties as income earning properties but rather only permitted to use them for self use.
I really was curious if this restriction still applied.
Calvin, for companies there is this restriction on office property or at least you have to have a business license to buy commercial property for rent but not for individual buyers of residential property. Hope this helps.
Another question: Is an expat residential real estate buyer required to be employed in China in order to buy in Beijing?
Mark,
As far as we know, there is no requirement for foreigners to be employed in China. However, a residence permit is required.
Hello,
Can an individual buy a commercial property in Beijing and then rent it out to a company? Thank you.
Bob, No, a foreign individual cannot do that. A foreign company can provided it is licensed and meets minimum capital requirements. Foreign companies without the required property investment license can only buy for their own use.
If I am a new investor who is not working or residing in China, am I allowed to buy and rent out the residential properties?
WJ,
In order to buy or rent out property in China, you must possess a residence permit.
Regards,
That means I have to be living in China for 1 yr?
I read somewhere that setting up a WOFE is another option to purchase multiple properties for rent.
Is that still applicable?
how to apply residence permit ?thanks
The process for applying for a residence permit can be found in the 2009 January/February issue of China Briefing http://www.china-briefing.com/magazine/view/216
What are the conditions precedent to apply for the residence permit? Roughly how long it takes ? this might be relevant since the window might be closing 31 dec 2009. Any rough idea??
Dear sir,
Can HK company (owned by non Chinese) buy commercial flat in Shenzhen ?
Best regards
Does China purchase property within the United States? I have my deceased parents home in Wabash, Indiana . It is in the country and sits on more than an acre. There is a creek running through the property.
The house with upper level, two car garage and main floor level comes out to be a little over 2000 feet.
Respectfully,
Carol
I m a Singaporean, we registered in Singapore ROM few months ago. But not in CHina. My wife is born in YanJi Jilin China. She encourage that I buy a shop house near her residence for renting out as investment. Can this purchase be under my name? She is now back in China and got her friends & relatives to help looking for one. She saw a 92 sq metre @RMB10,000 per sq metre. Also told need to pay additional fees of 170,000RMB. Is the rate reasonable.. fees reasonable?? Total is RMB1,090,000. Any advise.. She told me fees can be much lower bypassing normal means.. It sounds funny..what can happen?? Any advise??