ENG
ESP
FR
DE
IT
BEIJING, Feb. 25 – New real estate policies released yesterday attempts to rein in ballooning housing prices and property speculation in China’s capital city.
The Implementing Opinions for Promoting the Steady and Healthy Development of the Real Estate Market in Beijing (Implementing Opinions), asserts adherence to a 40 percent initial housing loan payment for second properties and single land leases of commercial housing should not exceed 20 hectares.
Foreigners will now be restricted to buying only one piece of property per person. Moreover, foreign buyers who have worked or studied in the country for less than a year will not be allowed to purchase commercial housing.
The capital is also requiring that property developers unveil entire houses in one time within three days. Starting January 1, 2010, individuals transferring the ownership of their non-common houses held for less than five years should contribute the full business tax amount.
Individuals transferring the ownership of their non-ordinary houses held for five years or more, or common houses which held for less than five years will be required to pay business tax on the balance between the selling price and the original purchase price of the house.
New apartment prices in China’s major cities have been increasing at rapid pace; way beyond what average salaries can afford. In 2009, average prices for real estate in Shanghai, Hangzhou and Shenzhen began at about RMB20,000 (US$2,9451) per square meter.
According to real estate industry website Soufun.com, 52 new property projects in Beijing to be launched in March will cost an average of RMB22,000 per square meter.
I’ve been an expatriate in Beijing for 3 years.And I’m interested to buy apartment in Beijing. but, with price of RMB 22,000 per square meter, it will be hard for me to pay at once. Is there any possibility for foreign workers who work in beijing to get a mortgage to own an apartment? Thanks.
Dear guest123,
A Chinese or foreign bank is allowed to issue a loan to an expatriate, if they meet the legal requirements for buying real estate in Beijing, and also meet the bank’s own regulations regarding loans. You should check with your financial institution as to what these requirements may be.
Regards,
Dear Editor
My wife and I are Hong Kong Chinese who have been working in Beijing for more than 1 year. Your article mentioned that “… only one piece of property per person”.
Does this mean that my wife and I are entitled to buying 1 property each (2 properties in total)?
You will both need to be able to prove you have lived in China for more than one year by visiting the Beijing Entry-Exit Administration and apple for a certificate to prove that you have lived in Beijing for at least one year. After which, you should both be able to buy a property in the city.