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Guidelines for expatriates looking to buy an apartment in Jiading
September 27, 2010, Monday
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Print Edition
Print Edition
IN recent years, buying a house in China has become popular among many foreigners. Basically the regulations and legislation related to purchases are similar to those for local buyers. But due to their identities and nationalities, foreigners need to provide extra documentation when buying a house. The house purchase contract has to be notarized.
Notice 1: Buying a house after one-year stay in China
Foreigners who intend to buy a house in China need certification showing they have lived in China for at least one year for reasons of work or study. The rule requires that foreign individuals and organizations can buy only houses they intend to occupy themselves. Homes cannot be bought under pseudonyms.
Notice 2: Completing documents to apply for housing loans
Foreign applicants for home loans should bring their passport, the original and a copy of a valid Chinese mainland visa and marital status certification. Marital status certification should be issued by the notary office of the applicant's country and confirmed by both the Ministry of Foreign Affairs (or relevant department) of the applicant's home country and the Chinese embassy or consulate in said foreign country; or a marriage certificate issued by the embassy or consulate of the said foreign country in China. If the document is in English, the applicant must also provide a Chinese translation.
At registration departments, documents for real estate registration should include a notarized certificate from the public notary or embassy, valid proof of identity (or proof of power of attorney for an authorized agent) and other relevant materials.
Notice 3: Loan ratios and rates
Although the loan-to-value ratio for foreigners who buy houses in the Chinese mainland is the same as that for local people, foreigners are offered more currency alternatives for loans. It is recommended that they can apply for renminbi loans to avoid problems related to exchange-rate fluctuations.
Notice 4: Property ownership registration should be made in Chinese
With the increasing number of foreigners seeking to buy houses in China, the computer system of real estate registration departments may have difficult dealing with specific languages. Thus, property ownership registration documents are required to be made in Chinese, including the names of the buyers in Chinese pronunciation. The names in their mother language will be recorded in the registration documents and will be marked in the property ownership certificate.
Notice 1: Buying a house after one-year stay in China
Foreigners who intend to buy a house in China need certification showing they have lived in China for at least one year for reasons of work or study. The rule requires that foreign individuals and organizations can buy only houses they intend to occupy themselves. Homes cannot be bought under pseudonyms.
Notice 2: Completing documents to apply for housing loans
Foreign applicants for home loans should bring their passport, the original and a copy of a valid Chinese mainland visa and marital status certification. Marital status certification should be issued by the notary office of the applicant's country and confirmed by both the Ministry of Foreign Affairs (or relevant department) of the applicant's home country and the Chinese embassy or consulate in said foreign country; or a marriage certificate issued by the embassy or consulate of the said foreign country in China. If the document is in English, the applicant must also provide a Chinese translation.
At registration departments, documents for real estate registration should include a notarized certificate from the public notary or embassy, valid proof of identity (or proof of power of attorney for an authorized agent) and other relevant materials.
Notice 3: Loan ratios and rates
Although the loan-to-value ratio for foreigners who buy houses in the Chinese mainland is the same as that for local people, foreigners are offered more currency alternatives for loans. It is recommended that they can apply for renminbi loans to avoid problems related to exchange-rate fluctuations.
Notice 4: Property ownership registration should be made in Chinese
With the increasing number of foreigners seeking to buy houses in China, the computer system of real estate registration departments may have difficult dealing with specific languages. Thus, property ownership registration documents are required to be made in Chinese, including the names of the buyers in Chinese pronunciation. The names in their mother language will be recorded in the registration documents and will be marked in the property ownership certificate.
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