New rules complicate buying property in China
Hurdles and pitfalls abound for foreigners and locals looking to buy mainland property
The mainland's recent property market cooling measures have perplexed foreign nationals, who wonder what the new rules mean for them. Time for a quick call to Chris Dillon, author of mainland property buying guide Landed China, for an explanation.
Many of the new measures apply only to locals, and those for foreigners are not that complicated, says Dillon.
A national rule stipulates that to buy property, you must have lived on the mainland for one year, you can only own one property, and you must live in it. Renting it out is banned.
Foreigners are also subject to city-jurisdiction rules. In Shanghai, you must produce tax receipts to show residence for 12 of the past 24 months.
"Unmarried non-locals are prohibited from buying a home [in Shanghai]," says Dillon.
In Beijing, you must have paid social security and taxes for five years before you can buy a home.