Few tips for property buyer and newcomers
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- city bus: there's a city bus IC card which you can buy in most city bus terminal, the advantage in having the card is you don't need to keep changes in your pocket, besides it saves you a 10% in bus fare. You'll need to make a 15 RMB deposit to have the IC card, which will be returned to you when you return the card, and you can recharge in multiple of 10 RMB.
- I got the following tips/info from the property agent I'm dealing with. I would double check these info with other sources because most of those agents are not very reliable.
1) property purchase by foreigner: due to the new property law, each foreigner can purchase only 1 property in China, but so far this is only enforced in Shenzhen.
2) taxes/fees paid by buyer: these are the taxes and fees payable by buyer for second hand property (purchase from the developer should add the maintenance fund, I'm not sure if it's 2%):
- evaluation fee (0.5% of estimate price)
- land/deed fee (1.5% of estimate price)
- transaction fee (3 RMB/m2)
- land registration fee (70 RMB)
- land utilization registration fee (13 RMB)
- agent fee (2% of sales price)
- stamps (0.05% of estimate price)
- stamps invoice (5 RMB/person)
for those who are planning in getting loan, there are some additional fees:
- processing fee (1.5% of salse price)
- insurance (loan interest X 1.2% X years)
- lawyer fee
according to my agent, the "commercial tax" (tax due to property less than 5 years of ownership) is payable by seller and not buyer, but I think it all depends on the sale price (usually this tax is already included in the sales price). There's a condominium maintenance fund, which is due to new property and not second hand one, this fund cannot be taken away by owner.
Please feel free to add/comment more info to this thread, the intention is to build useful info for property buyers and newcomers.
Good job, Michael. That was
Good job, Michael. That was what I was supposed to do weeks ago for JJ. It was just too hectic at work. I know, excuses! excuses! Anyway, I will varify with the numbers and information provided above and supplement if it is necessary. Thank you again!!
Good job, Michael. That was
Good job, Michael. That was what I was supposed to do weeks ago for JJ. It was just too hectic at work. I know, excuses! excuses! Anyway, I will varify with the numbers and information provided above and supplement if it is necessary. Thank you again!!
Good job, Michael. That was
Good job, Michael. That was what I was supposed to do weeks ago for JJ. It was just too hectic at work. I know, excuses! excuses! Anyway, I will varify with the numbers and information provided above and supplement if it is necessary. Thank you again!!
Sorry, I forgot to mention
Sorry, I forgot to mention that the land/deed fee (1.5%) only applies to residence less than 144m2 (or maybe 143m2, anyone can confirm this?), if it's over the fee will be double (3%).
Regards,
Michael
______________________________________________________
Einstein: "The world is a dangerous place to live; not because of the people who are evil, but because of the people who don't do anything about it."
You're welcome CS22, just
You're welcome CS22, just want to share some useful info that I've collected so far since I've arrived here this week to newcomers or apt hunters.
Regards,
Michael
______________________________________________________
Einstein: "The world is a dangerous place to live; not because of the people who are evil, but because of the people who don't do anything about it."
You are also correct about
You are also correct about the 3% fee with larger units, but I am not 100% about the size.
some of those are
some of those are negotiatiable, e.g. agent fee, bank procrssing fee, insurance, also the "estimated price" (I hope yo know what I mean, this is China)
and beware of the agent...
and beware of the agent... beware if the price you negotiated is the price form the seller. find one is really trustworth, e.g. the HK one "Central"
I tried to negotiate the
I tried to negotiate the agent's fee (saying that I have other buyers that have not arrived yet), and the agent was firm on the fee, I got a feeling that it's a seller's market right now and the agents are not worried if they can sell their units, they are just worried who is going to sell them (maybe thing will change once he sees face to face other buyers, Chinese uses this kind of strategy sometime), as for other fees, I don't think you'll be able to negotiate too much, unless you're a VIP customer from the lender, this way you'll probably get a special fee/treatment from your lender.
Regards,
Michael
______________________________________________________
Einstein: "The world is a dangerous place to live; not because of the people who are evil, but because of the people who don't do anything about it."
no need to be VIP, laders
no need to be VIP, laders and agents are thirsty for customers.
Thirsty for clients may be
Thirsty for clients may be true, but it is the quality of service and knowledge of your agent that you have to worry about. Don't try to buy a Bimmer with the price of a Civic. "Caveat Emptor" and we all should follow that law.
I just took the tour bus 1 &
I just took the tour bus 1 & 2 today, and this is my feedback:
tour bus 1: costs 2 RMB each way, going toward west, along the light rail route, so if you're thinking in buying property there, it's worthwhile, otherwise avoid it, it passes two tourist spot 梅溪牌坊 (Mei Zhi) and Puto temple (普陀寺).
tour bus 2: costs 3 RMB each way, going toward east, along the coast, so it's good to see Jida and Xianzhou seafront properties, and the last stop is Jindin (金鼎) industrial zone, it'll pass in front of Jusco in Xianzhou, so for newcomers, I think it's worthwhile.
Regards,
Michael
______________________________________________________
Einstein: "The world is a dangerous place to live; not because of the people who are evil, but because of the people who don't do anything about it."
Anyone living in high rise
Anyone living in high rise building? I'm just wondering if it's scary living in a high rise building (over 10 or 15 floors) during storm/typhoon season.
Regards,
Michael
______________________________________________________
Einstein: "The world is a dangerous place to live; not because of the people who are evil, but because of the people who don't do anything about it."
Structurally, you don't have
Structurally, you don't have to worry. I live on the 28th floor and high up on the hill, it is a bit unnerving during a storm, the wind noise. Othewise, it is quite interesting.
some of my friends got 60-70
some of my friends got 60-70 floor at HK. I love that! very interesting and good view!
I just built an xls file to
I just built an xls file to calculate the fees etc for property buyer, since I'm only looking for second hand property, the fee only reflects this kind of property, if anyone of you who's familiar with xls and buying/bought new units or using loan, is welcome to change this file to reflect other situations, this way we'll have a complete xls file which will reflect fees for any purchase (new, used, with loan, etc.). By the way, JJ how can I attach a file to this post? In the meantime, anyone who need this file right away, send me a message, I'll send the xls.
ps: the cells in light blue in the xls file are for input, I tried to protect the file to only allow light blue cells where user can enter data but unfortunately it didn't work out (it's MS, so what do you expect?)
Regards,
Michael
______________________________________________________
Einstein: "The world is a dangerous place to live; not because of the people who are evil, but because of the people who don't do anything about it."
If no one has recent data on
If no one has recent data on a new property, I will have at the end of September and I will be glad to complete the spreadsheet.
I just heard from an agent
I just heard from an agent that a foreigner can buy a home here, if living less than a year in China, but s/he can't register the property under his/her name. Anyone has any personal experience on this? Any foreigner has bought a property and could successfully register it under his/her name if s/he has been in China for less than a year?
Regards,
Michael
______________________________________________________
Einstein: "The world is a dangerous place to live; not because of the people who are evil, but because of the people who don't do anything about it."
I'm not sure what you mean.
I'm not sure what you mean. Are you talking about registering the home or registering yourself with the cops?
I meant registering the
I meant registering the property deed under foreigner's own name if s/he is on tourist visa or has been in China less than a year.
Regards,
Michael
______________________________________________________
Einstein: "The world is a dangerous place to live; not because of the people who are evil, but because of the people who don't do anything about it."