The vast nation is composed of 56 ethnic groups, the largest being the Han, and has over 5000 years of history which have created a rich heritage of traditions. Public displays of anger are frowned upon by the Chinese and are most … In Canada, you own the house. This blog is governed by the general rules of respectful civil discourse. Also most first time buyers would get financial help from parents. Additionally, you can buy property directly via developers, individual sellers or an agent (which is not the case in Indonesia, where you need to buy directly from developers). responsible for everything that you post. privilege to post content on the Library site. Land is government-owned in China. may result in removed comments. I surly cant purchase commercial space at 1st floor and a panthouse on the 20th floor in the same building in NYC for $300k but I can in Ukraine. When this time is up the property will, apparently, go back to its rightful owner: The People’s Republic of China. Library of Congress Prints and Photographs Division, //hdl.loc.gov/loc.pnp/pp.print. Individuals cannot privately own land in China but may obtain transferrable land-use rights for a number of years for a fee.  Currently, the maximum term for urban land-use rights granted for residential purposes is seventy years.  In addition, individuals can privately own residential houses and apartments on the land (“home ownership”), although not the land on which the buildings are situated. And as you have noticed also, house ownership is pretty much a prerequisite for marriage for most Chinese, this put an upward pressure on house price. You’re allowed to buy one property, but need to either study or work in China for at least one year before that. Some press reports have characterized this law as the first piece of legislation in the People's Republic of China to cover an individual's right to own private assets, although this is incorrect as the right to private property was written into the Constitution of the People's Republic of China in 2004. [3]  The 2004 amendment contained the Constitution’s first clear recognition of the “private” nature of such property and its constitutional “inviolability,” although prior to the 2004 amendment the Constitution had provided protection for “the right of citizens to own lawfully earned income, savings, houses and other lawful property.”[4]Â, The PRC Property Rights Law (Wuquan Fa, also translated as the Law on Rights In Rem) was first enacted on March 16, 2007, following legislative debates that had lasted for over a decade. You may not rent out the property or act as a landlord. According to the new Regulations, the Ministry of Land and Resources will guide and supervise the real estate registration system nationwide; local governments at and above the county level will designate real estate registries in their respective jurisdictions. [13] Chengshi Fangdichan Guanli Fa [Law on the Administration of Urban Real Estate] (promulgated by the NPC Standing Committee, Aug. 30, 2007), Fagui Quanshu 3-370 (Urban Real Estate Law), English translation available at Westlaw China. With this blog post, I’d like to discuss a few basics of Chinese law in this area. [21]  There are normally no limitations on the length of time for which land-use rights can be allocated. unless clearly stated otherwise. Legal | Exterior garden space with dragon head atop a wall at a temple in Shanghai, China by Norwood, Jean E., 1979. 16, 2007, effective Oct. 1, 2007), Fagui Quanshu 2-12 (Property Rights Law), English translation available at Westlaw China; Jianfu Chen, Chinese Law: Context and Transformation 374 (Martinus Nijhoff Publishers 2008). Based on data from Zoocasa, analyzing how much a prospective homebuyer would need to earn in order to qualify for a mortgage at the benchmark price in various locations across Canada, here's the income required to own a home in 13 of the country's … In Beijing, all you need to do as a foreigner is to pay social security and taxes for at least 5 years before the government allows you to buy a house. This makes Chinese real estate a depreciating asset. [11] Tudi Dengji Banfa [Land Registration Measures] (promulgated by the Ministry of Land and Resources, Dec. 30, 2007, effective Feb. 1, 2008), Westlaw China. [23] Assignment Regulations, supra note 12, art. Can You Own a House in China or Even a Piece of land? Posted in: Law Library, Ask A Librarian, Global Law. There are a series of laws and regulations regulating the land-use rights and ownership of residential property, including: According to the Property Rights Law, the land-use right is a “usufructuary right” that allows the right-holder, the usufructuary, to legally possess, use, and benefit from property owned by another. ), However, individuals may privately own houses and apartments, i.e. One, you cannot ever truly own property in China whether you’re a foreigner a local. Sunrise in Shanghai in Dense Fog, photo taken by Laney Zhang in 2013. About | Press | Jobs | Donate Links to external Internet sites on Library of Congress Web pages do not constitute the Library's endorsement of the content of their Web sites or of their policies or products. SHANGHAI -- China has relaxed rules on property sales to foreigners, in a move seen as aimed at boosting the country’s real estate sector amid a slowing economy. [28]  Real estate is transferred by sale, gift, or other legal means. the property has not been properly registered and certificates of ownership have not been obtained. So literally the houses in China could only use the land they stay on for 40-70 years.But it's said that house owener will be able to use the land for another 70 years after they pay the government a little fee. [27] Assignment Regulations, supra note 12, art. Yes, Chinese is a tough language, but bear in mind that it is not a blocking issue. They don’t own property. A non-Chinese (laowai) can own one apartment in his / her name for residential purposes only. The Assignment Regulations were promulgated in 1990 by the State Council, which regulates the assignment and transfer of land-use rights in urban areas. Again, the foreigners are banned from renting the property as you are supposed to use it for dwelling purposes. [8]  State-owned natural resources are exempt from registration.[9]. Jobs | Although individuals cannot privately own land, they may obtain transferable land-use rights for a number of years for a fee. It’s worth noting, however, that private property may not receive equal protection in the same way as public property. ), In urban areas, the state grants (churang, sometimes also translated as “assigns”) land-use rights to land users for a fee. They just stay in their outer clothes inside their homes. 10.) At this time, the government … Procedures for foreigners and Hongkong to follow when selling a property they own in China. [10] Tudi Guanli Fa [Law on Land Management] (promulgated by the NPC Standing Committee, June 25, 1986, revised Aug. 28, 2004), Westlaw China. The State Council is authorized by law to formulate the maximum periods for which land-use rights may be granted. the granted land-use rights were obtained by means that fail to meet the conditions of a proper grant; the real estate-related rights are frozen or otherwise restricted by the judicial or administrative authorities; the land-use rights are reclaimed by the state in accordance with law; the ownership of the property is under dispute; or. The property rights law is continually evolving in China and we look forward to more blog posts on the subject. [25] Fang wu, which may be better translated as “apartment,” as most residential real property in urban China consists of apartments rather than single-family houses.Â. ), Xinbian Zhonghua Renmin Gongheguo Changyong Falü Fagui Quanshu (2014) (hereinafter Fagui Quanshu) 1, English translation available at Westlaw China (by subscription). [15] Assignment Regulations, supra note 12. Different to chufang land-use rights, there are normally no limitations on the length of time for which land-use rights can be allocated. [1] Xian Fa (1982) (P.R.C. This page provides - China Home Ownership Rate- actual values, historical data, forecast, chart, statistics, economic calendar and news. Very informative post. Unfortunately, regulations and laws under the Chinese […] 26. [12] Chengzhen Guoyou Tudi Shiyong Quan Churang He Zhuanrang Zanxing Tiaoli [Interim Regulations Concerning the Assignment and Transfer of the Right to the Use of State-Owned Land in Urban Areas] (Decree No. Individuals cannot privately own land in China but may obtain transferrable land-use rights for a number of years for a fee. Before we can understand how people in China can afford to frolic in their country’s over-inflated housing market, we must look at where this market came from. Civil discourse from parents is technically owned by the National People ’ s of... 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