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Q: Buying a house
Does anyone know the rules and regulations of buying a house in China?
Our apartment (and mortgage) is in my wife's name. To the best of my knowledge the only way laowei can own property is if they pay 100% deposit, i.e. no mortgage.
Obviously they don't do freehold only leasehold.
brisguy:
So you cannot have a joint name application to the apartment/house?
Hugh.G.Rection:
Not unless the regulations have either changed or are different in your location.
I believe Hugh is correct. And there are no joint titles/mortgages or even joint bank accounts that I am aware of.
The truth is not really exactly as outlined above. Yes, there are no joint (two names) bank accounts, and mortgages are done in the name of the principal only. Now, if the foreigner has been in China for a minimum of one year, legally work for a few years, has a local credit history, nothing legal stops him from getting a bank loan to buy an apartment. I do know of a couple here that bought one, and the foreigner's name is both on the mortgage and the certificate of ownership of the apartment.
And yes, I agree that the easiest way for a foreigner to buy an apartment is by paying for it in full, no mortgages.
And last, there can be more than one name on the certificate of ownership, and I do know of a few cases of those. In fact, one is the case of a Chinese mother, 52 years of age, and her 28 years old son, their names are both listed as owners of an apartment.
iam not sure any of thosa answers are correct the best way is just go to the bank and talk to them and get some feed back
If you have money all done, you can have the house in 10 mins ... this is China..
