LJ
Upstanding Citizen
One piston, 10,000 revs!
Posts: 63
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Post by LJ on Aug 2, 2005 13:23:30 GMT 7
Have any of you bought an apartment?
Anyone particularly outside of the big cities especially Shanghai?
I know the basics, such as land use the fact that it's a lease in essence, but anyone with useful tips would be a help.
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Post by Mr Nobody on Aug 2, 2005 14:55:49 GMT 7
Yeah, I bought one, well we bought one, the girlie and me.
What sort of tips?
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LJ
Upstanding Citizen
One piston, 10,000 revs!
Posts: 63
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Post by LJ on Aug 3, 2005 10:51:52 GMT 7
OK, we (my wife and I) want to buy one.
Did you buy new or used?
What did you find to be the biggest hassle?
What would you do different if you were buying again now?
Is the apartment in your name, both your names, or in your wife's name?
Did you use a lawyer?
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Post by Mr Nobody on Aug 3, 2005 11:13:00 GMT 7
is your wife Chinese?
Used, no hassles at all, nothing different, my wife's name, but I can have it in both now (we weren't married at the time) and no, no lawyer, it isn't needed.
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LJ
Upstanding Citizen
One piston, 10,000 revs!
Posts: 63
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Post by LJ on Aug 3, 2005 19:42:35 GMT 7
Yes, my wife is local.
Both names? No hassle?
What about just in my name? Possible?
New or used?
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Post by Mr Nobody on Aug 4, 2005 8:21:57 GMT 7
No, the law states that 51% must be owned by a local. No choice to my knowledge. It has no relevance, new or used, it is for everything, businesses, property, etc.
Well, according to my info. There may be some way around it. After all, TIFC.
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LJ
Upstanding Citizen
One piston, 10,000 revs!
Posts: 63
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Post by LJ on Aug 5, 2005 12:04:37 GMT 7
Not what I heard at all.  I heard that now a foreigner can own 100% of anything. I know for sure that a foreigner can own 100% of an apartment in Shanghai. The local PSB and my boss think that foreigners can own 100% of their own apartment, when did you buy yours? Maybe the law has changed. |
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Post by Mr Nobody on Aug 5, 2005 20:12:26 GMT 7
March. Yeah, maybe, i will enquire.
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Post by acjade on Aug 6, 2005 9:43:55 GMT 7
Please keep this thread going. I want to buy an aprtment here next year.
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Post by con's fly is open on Aug 6, 2005 11:34:09 GMT 7
What Jade said.
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LJ
Upstanding Citizen
One piston, 10,000 revs!
Posts: 63
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Post by LJ on Aug 7, 2005 19:34:59 GMT 7
For those of you, like me, who will be looking to buy, I'll write what I know.
Please if you have bought can apartment and have some advice and can add anything else it would really wonderful, be accurate and avoid speculation.
1. Unlike many places in the West, apartments in China are bought by the square meter. Some of the area outside the front door in the stair-well is included in this calculation.
2. The state owns all land, you own the bricks, so the state owns the land beneath. This lasts 70 years. In practice I'm told apartments are destroyed after 30 years, the residents are given money equal or greater then the value of the apartment.
3. Laws vary locally. eg. What applies in terms of housing law in Shanghai rarely applies to the rest of the country.
4. Apartments are usually built to a lower quality than in the West.
5. The local environment (parks) and the quality of the local schools (middle schools) can effect apartment prices.
6. You will have to pay a set government fee per square meter to the people in charge of the heating and maintainence of your apartment each year.
7. If you buy a new apartment you will have to pay for opening of new connections, telephone, water, electricity gas.
8. You will have to register your residence, at some government office (in a name or names and it will be expensive! (20,000 where I am)).
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Post by con's fly is open on Aug 7, 2005 21:03:37 GMT 7
20,000 kwai to get the right to pay for the place.
Then you pay for the place.
I need a raise.
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LJ
Upstanding Citizen
One piston, 10,000 revs!
Posts: 63
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Post by LJ on Aug 7, 2005 21:36:33 GMT 7
Chinese ask daddy!
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Post by con's fly is open on Aug 7, 2005 22:07:14 GMT 7
Ya know, given the market, might be a great investment...
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Post by Mr Nobody on Aug 7, 2005 23:32:09 GMT 7
I can only tell you our experience. It went like this:
We didn't need to pay anything to register it, due to it is on a campus that is amalgamating. Registration will come later, at about 1000 RMB, the wife thinks. Definitely not in the order of 10 or 20 thousand here.
The 51% aparently is a zoning thing. Ours is on a campus, so requires 51%. Other places, this isn't needed. Foreigners can own buildings, but not the land.
We need to pay nothing for building maintenance. Nor any council rates or anything like that. Just water and electricity usage, that kind of thing.
We did have to pay for all the connections. The place was gutted. Everything had to be supplied, which came to something like 600 AUS. HAH. Couldn't buy paint for that back home. Since I was buying with Oz earned $ it was sweet.
We also got it so bloody cheap, due to the wife being a teacher. Special Deal. Already worth about 3 times what we paid for it.
However, only once a lifetime deal. Anything else, have to pay full price. But can use the current value of this appartment as leverage for any future buys.
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Post by con's fly is open on Aug 7, 2005 23:36:12 GMT 7
Gee, Chinese wives are handy. Gotta get me one of those soon.
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Post by CarryAnn on Aug 7, 2005 23:38:09 GMT 7
me too. I tried husbands;wives seem a much better deal.
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Post by Mr Nobody on Aug 7, 2005 23:41:10 GMT 7
Yeah, gotta say, I never considered a husband. They sound like too much work to be worth it. I know I am.
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Post by con's fly is open on Aug 8, 2005 12:51:43 GMT 7
although they take far less time in the bathroom.
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Post by acjade on Aug 8, 2005 15:51:12 GMT 7
Mine didn't.  |
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Post by Dr. Gonzo on Aug 8, 2005 16:46:09 GMT 7
Talk about post boosting.
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Post by acjade on Aug 8, 2005 17:18:20 GMT 7
No sir, Mr Gonzo, sir. He actually did take more time in the bathroom than me. He also had more clothes.
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Post by Mr Nobody on Aug 8, 2005 20:10:40 GMT 7
Is that an order, Dr Gonzo?
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