Real estate in China

China has some of the strictest regulations for the purchase of real estate by foreigners in Asia.
Foreigners can only buy one property and must have worked or studied in China for at least one year beforehand. Beijing and Shanghai have additional requirements.
You can buy property directly from developers, private sellers or estate agents. This is not always possible in other countries.
In addition, foreigners can only buy property for residential purposes, not for rental or income generation.

There is no private ownership of land in China, only the right to use land for residential purposes for up to 70 years.
Foreigners who have worked or studied in China for at least one year can purchase land in certain areas after a one-week approval process.
Foreigners are still prohibited from renting out real estate or using it to generate income. Non-resident ethnic Chinese and residents of Hong Kong/Macau are exempt.
After selecting the property, a down payment (5-30 thousand yuan) is made, then a preliminary purchase contract is signed and an advance payment of 30% of the value is made. After the contract is registered, full payment is made and the title is registered.

For many foreigners living and working in China long-term, buying their own property can be an attractive alternative to renting. Here are the key steps in the process:

• Obtain proof of one-year residency in China from the local police department. Start looking for a suitable property on your own or with the help of a real estate agent.
• When you have found a suitable property, enter into negotiations with the seller and sign a preliminary contract with all the essential conditions. A deposit of around 1% of the property value is usually required.
• Once you have agreed on the conditions, you conclude an official purchase contract with the seller at a notary's office. This confirms the legal validity of the document.
• For foreigners, it is necessary to obtain the approval of the local foreign affairs authority for the transaction. This is a mandatory procedure to check compliance with the regulations for the purchase of real estate by foreign nationals.

It is recommended to seek individual legal advice from experts to take into account your particular circumstances.

Foreigners need an appropriate visa to buy real estate in China.
If you are planning to move to China permanently, you will need a D visa. This is a long-term visa with a right of residence of 180 days to 5 years. It allows you to apply for a residence permit, which is required for the purchase of real estate.
For those coming to China for a short period of time to buy a house, an M visa is required. This is a business visa for a period of 30 to 180 days. With this visa, you can also participate in real estate transactions.
There is also a Q1 visa for nationals living abroad. It is issued for a period of up to 180 days and entitles you to purchase real estate in China under certain conditions.
Before you travel to China to buy a house, you should check with lawyers and migration services about the exact conditions for obtaining the visa you want.

Foreign citizens can purchase real estate in China if they fulfill a number of requirements:

• Previous residence in China for at least 1 year
• Possibility to purchase only one property
• Purchase for personal use only, no leasing allowed.
• Obtain approval from the local authorities

The cost of real estate varies greatly from region to region. Some of the most popular websites for property searches are Anjuke, Fang.com, Lianjia, SouFun and 58.com.

For a successful real estate purchase in China, it is highly recommended to use the services of professional consultants and lawyers who are familiar with the intricacies of local laws.