A to-do list for foreign buyers in Chinese real estate market
Big cities in China possesses highly developed infrastructure as well as abundant business opportunities and, in these regions, social security is under sufficient protection of public administration. All these factors and recent excellent performance in the pandemic control have made this country an increasingly attractive destination for foreigners who are open-minded for a new career and life in a newly advanced civilization. This trend is accelerating even faster when COVID-19 outbreak continues unchecked in many western countries.
Housing comes first when people think of moving across borders. It seems even necessary to get an abode ownership when you are planning a long-term residence abroad. So how could I figure out if I qualify as a real estate buyer in China?
Chinese government allows individual foreigners to buy department or a house for purpose of personal residence, and an institute or company from abroad could own their abode for its own use. Therefore, basically the real estate purchase is available for two types of buyers, and Chinese laws and regulations have set different standard for them respectively. Here is a brief introduction.
First, if you are an individual buyer, the period of stay matters. Foreigners who have worked or studied in China for over one year are entitled by the law to purchase a commercial department. But note that this is not the only prerequisite. You also need to be issued a permission statement, usually by the company or institute where you work. This is because a real-name system is run for foreigner-related real estate purchase.
If you are the manager or legal representative of an organization affiliated to an international enterprise, to get a steady abode in China for operation of your team is workable as long as some requirements are met.
The international enterprise that your team is affiliated to shall have set branches and representative offices. In short, the existence of entities in China is a necessity. Additionally, the said subsidiary entity shall hold the certificate from relevant administration stating that the establishment of this entity is officially permitted.