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Q: I don't understand property rights in China
The government owns the land, but they don't own the building? Then after 17 years, they repossess the building?
There is a lot of BS in regards to property rights in China. Many rumors, half truths, false statements, lies and misunderstandings.
Yes, the Government owns the land. But when a builder gets it to build a complex, it is leased for 75 years, and that lease is renewable at the end of those 75 years.
Now, the building is own by the construction company, who in turn will sell the apartments to individuals. The individuals will own the apartments after paying for them in full, and get the use of the land below their property for 75 years.
If after a number of years the Government decides that in their opinion there is a better use of a particular parcel of land, then a process is started to determine the form and amount of compensation to be given to each particular owner on record. Normally the type will be mandated by what the future usage will be.
In simple terms, these are your rights if you buy real estate property in China.
iWolf:
Well done....that's exactly as I understandstand but stated much more succinctly than I could ever hope to do. Have an upvote.
nzteacher80:
Upvote. As I understand it as well but what a load of horse shit.
Hotwater:
Good explanation though it's 70 years for residential property, not 75.
There is a lot of BS in regards to property rights in China. Many rumors, half truths, false statements, lies and misunderstandings.
Yes, the Government owns the land. But when a builder gets it to build a complex, it is leased for 75 years, and that lease is renewable at the end of those 75 years.
Now, the building is own by the construction company, who in turn will sell the apartments to individuals. The individuals will own the apartments after paying for them in full, and get the use of the land below their property for 75 years.
If after a number of years the Government decides that in their opinion there is a better use of a particular parcel of land, then a process is started to determine the form and amount of compensation to be given to each particular owner on record. Normally the type will be mandated by what the future usage will be.
In simple terms, these are your rights if you buy real estate property in China.
iWolf:
Well done....that's exactly as I understandstand but stated much more succinctly than I could ever hope to do. Have an upvote.
nzteacher80:
Upvote. As I understand it as well but what a load of horse shit.
Hotwater:
Good explanation though it's 70 years for residential property, not 75.
Nice act. You're Chinese so of course you know this.
Not 17, they take back the land after 70 or much later, than the gov in most places today will give you money or a promise of new apartment or discounted apartment when it's time for a new building to be built. So when my apartment is 70 years old that my wife and I bought, I'll be 102 years old, my son will be 81.
dom87:
that is if you bought a new apartment and the ground was leased for building immediately.
The lease can start much earlier than the apartment is sold. Second hand apartments dont restart the lease
