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Q: Buying a second hand apartment in China

Hello, friends! I have a question: has anyone had experience of buying a 2nd hand apartment in China? What would be the regulations? Thank you in advance for all of your responses!

1 week 4 days ago in  Housing - China

 
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https://answers.echinacities.com/question/new-visa-rules-january-1st-201...

 

You seemed to be spot on here.

 

I bought a second hand apartment in China. I bought the aprtment the company was renting for me.

 

My experience of the whole process has been blotted out. VAT. Vague aditions to the total. Confusion. Strange young guys with shiny trousers and iphones. And the previous owner missed the 5 year tax sale for second home by 1 month. I had to pay the tax that the government said he had to pay. That added a big sum the bank had to be paid in cash. I went to the bank with 300k rmb, walked out with 150 rmb. They had ppl lining up to invent charges.

 

The wife had to open a new bank account in a different bank.

 

We had finger prints taken.

 

Had to wait 6 months for the Government to release funds for the mortgage. Had to pay interest on a loan we did not have.

 

It was a total pain in the arse. I had trouble and disinterest with the whole procedure. Me being a socialist and all that, and basically opposed to private ownership of land.

 

The cunt in the shiny trousers probably still gets commision

 

However, my Chinese wife is a capitalist.

 

And guess what?  I don't have to worry about the apartment lasting the next 58 years of its lease from the Government, because the Government had just announced it is extending a metro line, and the station will be at our front door. in 2022. Gentrification all over, cruise ship terminal, a new finance center 5 miles away.

 

I am still a socialist. And when my wife sells the apartment for 4 times what I paid for it, I will refuse to touch a single rmb of profit.

 

How to buy a second hand apartment in China?  Leave it to your Chinese partner if your have one. The capitalist sort are pretty good at it Smile

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1 week 4 days ago
 
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https://answers.echinacities.com/question/new-visa-rules-january-1st-201...

 

You seemed to be spot on here.

 

I bought a second hand apartment in China. I bought the aprtment the company was renting for me.

 

My experience of the whole process has been blotted out. VAT. Vague aditions to the total. Confusion. Strange young guys with shiny trousers and iphones. And the previous owner missed the 5 year tax sale for second home by 1 month. I had to pay the tax that the government said he had to pay. That added a big sum the bank had to be paid in cash. I went to the bank with 300k rmb, walked out with 150 rmb. They had ppl lining up to invent charges.

 

The wife had to open a new bank account in a different bank.

 

We had finger prints taken.

 

Had to wait 6 months for the Government to release funds for the mortgage. Had to pay interest on a loan we did not have.

 

It was a total pain in the arse. I had trouble and disinterest with the whole procedure. Me being a socialist and all that, and basically opposed to private ownership of land.

 

The cunt in the shiny trousers probably still gets commision

 

However, my Chinese wife is a capitalist.

 

And guess what?  I don't have to worry about the apartment lasting the next 58 years of its lease from the Government, because the Government had just announced it is extending a metro line, and the station will be at our front door. in 2022. Gentrification all over, cruise ship terminal, a new finance center 5 miles away.

 

I am still a socialist. And when my wife sells the apartment for 4 times what I paid for it, I will refuse to touch a single rmb of profit.

 

How to buy a second hand apartment in China?  Leave it to your Chinese partner if your have one. The capitalist sort are pretty good at it Smile

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1 week 4 days ago
 
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In my opinion, buying an apartment in China is a wise decision, new or used. After 7years of renting, and forced to move 3 times for either too much rent incrase at the end of 1 year lease, or owner sold the apartment, I got tired and bought a brand new 3 bedrooms one bath apartment (120 sq mt) in 2014 for 600,000 Rmb. A sea front apartment, on a 32 floor, a hell of a view. Lots of crap, bribes, etc to get the place, but after many arguments, finally went thru. Now, 4 years later, what I bought for 600K has gone up in price to 1.5 million RMB, and with further price increases because there is a long waiting list of potential buyers looking to buy. So, if I had stayed renting, I would have paid 36,000 Rmb each year from 24 to 2018. Instead, I am sitting in a potential 900K Rmb profit plus 144K Rmb rental payment savings. And, I can do whatever pleases me to the apartmnent without asking permission to no one, or be forced to move out. My advise, buy ASAP, the longer you wait, the more you will pay.

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5 days 7 hours ago
 
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