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Q: Will Chinese and expats ever own the land they live on here in China?
In five more years China's 70 year land-lease will be due. Do you think the Chinese government will gift or sell the land to the current property owners? I have a bad feeling that they will auction of the property to the highest bidders from Shan Xi and Wenzhou and they will in turn extort the homeowners with super high rents that force them to default and lose their properties to the the new "land owners". What do you guys think will happen?
There has been a lot of talk about this recently. My friends tell me that there is a high possibility that property owners may be given the right of first refusal to renew their leases, in default they may have to move out. There's nothing coming out in the news as yet so I guess it's still very much in the air. Whatever decision they make will affect property prices either way.
I actually like this idea. 70 year land leases allow for future development without too much legalities.
People accept this situation and consider it perfectly normal, why on earth the government would even consider the possibily of changing it.
Actually, land ownership, actual ownership with all official supporting documents existed somewhere in the 80s. Some people actually own their land and whatever is on it for a non limited period.
Guess what? Didn't stop real estate sharks and their friends local govs to claim the land and try to push out legit owners.
Hotwater:
Interesting point...my wife's parents "own" a house & some land (a mix of farmland and woodland) in Jiangxi province.....but my wife doesn't know if it is theirs "forever" or under this 70 years rule.
They will give them one of the millions of new apartments and redevelop the land. There is nothing to suggest China will allow people fee simple title to real property.
Maybe we can find a lawyer to explain things here. I know in Shandong province a family can "own" farmland but not residential land. Whatever they decide to do they better standardize the deal or there will be mass migrations to the province with the most favorable ownership laws.
Can't see migrating to another part of china helping property rights unless they totally change the Hukou regulations. My wife kept her rural Hukou so she doesn't lose her families land rights.
