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Q: Chinese in certain provinces not allowed to own two properties?

I know many people do own lots of various real estate, but one of my Chinese friend's parents living in Fujian are incapable of purchasing a second piece of land in the province, because, supposedly, they already own one in their hometown and there's a restriction to make sure people can only have one property in their name.

 

Anyone know what the explanation for this is?

9 years 30 weeks ago in  Housing - China

 
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Posts: 1559

Shifu

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The government has been instituting some policies to help cool the housing market off a bit, hoping to avoid the big housing market bubble burst that happened in the US a few years back.  One such policy was limiting the number of houses you could own.  But my memory was for most places, you were allowed to own one primary residence, and one additional house.  Maybe they just have tighter restrictions in your Chinese friend's parents' area.

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9 years 30 weeks ago
 
Posts: 3044

Emperor

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Some areas in China are autonomous regions, and as such, can set their own rules and regulations in many areas of governement.  Maybe that is the answer. 

 

Now please allow me to clarify a small point to you.  In China, anywhere within its borders, you as a foreigner, or a Chinese, can own apartments or houses, but NEVER can own the land upon those are built.  All land in China belongs to the governement, you can only lease it for a number of years.  Including land used to bury people.  You will own the tomb or monument, but the land under is leased for a period of time.

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9 years 30 weeks ago
 
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Emperor

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From everything that I know, Chinese nationals are allowed to buy homes (and lease the land they sit on), but if you buy more than 1 then you need to come up with a larger down payment and the interest is higher on every additional mortgage.

 

But, the laws on this change constantly as a way of combating escalating property costs and avoiding a massive housing price crash when the bubble eventually pops.

 

So it is quite believable that certain areas have regulations allowing only one home purchase per person.  However, a lot of people normally get around this by putting the house in other family members names.

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9 years 30 weeks ago
 
Posts: 264

Governor

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don't know about that, but we have a lot of land.

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9 years 30 weeks ago
 
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Emperor

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Similar to what XpatJohn said, maybe they don't have the 60% required down payment on a second home? Are they buying land? Very few people here actually own the dirt.

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9 years 30 weeks ago
 
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