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Sign up with Google Sign up with FacebookQ: Can a foreigner buy an old house in a village?
Is it possible to buy an old house in a village? I thought I read something here that said you could , and it would cost about 30,000RMB. Too me that would be good, I don't care about loosing face, just fix it up with a bathroom, kitchen and bedroom
Sweet!! I have a second hand car so heah!
It depends. First many properties are not officially into the real estate market and you can not buy the property and get it registered with the government agency if the property you want to buy isn't into the real estate market. Secondly, you need to find out whether the city/county where the property is located already has a government restriction imposed that forbid non-residents (not just foreigners) to purchase the property. Thirdly, is this the only property you will but in China and if you have already resided in China for one year. A foreigner is now supposed to be able to buy only one residencial property for his / her own use if he/she has already resided in China for more than a year. Checking with a local real estate agent is probably your best bet.
can you do the renos yourself? It costs probably double what you guess to do a reno on a home.
With the real estate market in China continuing to thrive, it is no wonder why more and more foreign individuals and companies are looking to invest in property here. As a result, the Chinese authorities have set out various regulations to be taken into consideration in order to ensure the healthy development of the property market. Foreign individuals must possess a one year work visa and they are only allowed to purchase one unit of residential property each. A foreign company is only allowed to purchase commercial property for office purposes, and the property must be situated in the location of the company’s registered branch or representative office. Our experienced lawyers will carefully guide you through all the formalities, helping you to sidestep any restrictions to leave you with the best result to meet your individual or business needs.
Many foreigners find the process of purchasing property in China an extremely daunting one and as a result they purchase property in the names of Chinese citizens. The foreign individual then becomes the real owner of the property and the Chinese citizen becomes the apparent owner. These kinds of relationships inevitably give rise to very unpleasant disputes in the long-term.
However, by registering a Wholly Foreign Owned Enterprise (WFOE) in China can a foreign individual and foreign company obtain direct and total access to Chinese real estate market. The newly set up company is treated as a Chinese legal entity and therefore free to purchase all kinds of properties in the name of the company. As the owner you will receive a Chinese (Z) Work Visa valid for 2 years which will allow you to purchase residential property. Establishing your business as a WFOE requires a minimum registered capital amount of RMB 100,000 which will give you full control over your company. If you have any inquiries on this issue, please search jay and shaw to get your answers. I am more than willing to help you.