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Q: Buying home in China, 70 years lease/ownership ! What is after that ?

I have heard that  to buy any home in China, it is 70 years lease/ ownership.  I'm sure I won't last long. What happens after 70 years ? Who owns after that ? Do owner pay all mortgages and down payments and to be captured by someone else, " WHOM" ?

 

 

Folks. Shed some light with your expertise . 

7 years 21 weeks ago in  Housing - Chengdu

 
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After 70 years it belongs to the government.   No compensation nothing.  If you buy second hand the 70 years counts from when the house was first bought not when you bought it.  When you "buy" a house, what you're actually doing is renting it for 70 years.

 

However not many buildings last for 70 years.   Most old places after 40 years or so are knocked down and re build with something new.  If this happens to a house you bought then the government will relocate you, give you compensation etc,  but what you're relocated too etc.  who knows.

 

 

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7 years 21 weeks ago
 
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Posts: 961

Shifu

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I have also asked these questions while in China. I think that because all the people who I have asked have seen either their old house knocked down and been compensated or have only purchased their current dwelling they do not seem able to answer my questions. As far as I can work out some of the newer homes such as the more modern high rise developments only have a 50 year lease.

Out of interest I asked what happens if I buy a second hand apartment after 20 years. Does that mean that I only have 30 years left. In typical Chinese style not only can't I get an answer but I get strange looks as to why I would even ask this question. I also get the impression that nobody really cares....

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7 years 21 weeks ago
 
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After 70 years it belongs to the government.   No compensation nothing.  If you buy second hand the 70 years counts from when the house was first bought not when you bought it.  When you "buy" a house, what you're actually doing is renting it for 70 years.

 

However not many buildings last for 70 years.   Most old places after 40 years or so are knocked down and re build with something new.  If this happens to a house you bought then the government will relocate you, give you compensation etc,  but what you're relocated too etc.  who knows.

 

 

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7 years 21 weeks ago
 
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Governor

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Gents.. 

The rule has changed...

the 70year lease is 'home' land.. and it is no more uncertain what happens after 70 years.. its is stated now in chinese law/rules that it will be automatically renewed another 70yrs!!. 

Go ahead and buy.... Cheers..

 

The 50year lease that woody is talking about is not 'home' land.. its 'business' land... This one it is still not stated n law what will happen after 50years... but is almost certain that it will be renewed also.. But be careful with this type of land... electricy bill is higher than normal home land... ~2times or so.. Often these type of land.. ground floor is some shops or other business.. (not must like that)..

 

Well if some  New industrial area/road etc is coming through these lands... there is no choice but to give back.... its same in any country... but in china you get compensated very well.. this year govt took back my wifes old house in countryside.. and gave 2 apartments in city and some money.. wow.. good deal... its infact "Peoples Govt"

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7 years 21 weeks ago
 
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Emperor

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We are confusing oranges and tangerines.

 

The truth is:

1.- A developer (or a builder) signs an agreement with the government to "use" (rent) the land for a fixed period of time.  Then puts up a building and sells you an apartment.  That "home" is yours, but THE LAND upon which is built IS NOT, since all the land in China belongs to the government.

2.-  When and if, the land lease expires, it will be renewed unless the land is needed for something else, and in that case you will receive compensation (maybe not as much as you may thing is worth, but you will receive compensation.

3.- Currently, in some cities, since empty plots are scarce, developers seek old structures, buys them out, tear them down and construct new buildings.  But those living in those old buildings normally either get a money offer to move out, or a free apartment in the new building.  From these actions, the "story" of 30 to 40 years old buildings will be demolish came out.  It does happen, but it is not the rule.

4.- WHY are everyone so worried of what will happen 70 years from now.  I am 68, my GF is 41, her daughter is 13.  In 70 years, I will be dead, my GF also, and her daughter will be 83 years of age.  It is her problem, not mine.

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7 years 21 weeks ago
 
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Governor

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Well it makes sense from a philosophical point of view. Rights to land shouldn't be granted absolutely.

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7 years 21 weeks ago
 
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Happy Expat, great analysis and feed back. 

 

 Well said folks, Cheers.

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7 years 21 weeks ago
 
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The question shouldn't be who owns it after that for the government owns it at all times. Consider it rent not ownership. Xunliang, you are wrong, the government will always compensate.

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7 years 20 weeks ago
 
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