Buying property in Chengdu

[Diamond]

Hi can anyone give me advice on the rules and restrictions for foreigners who want to buy an apartment in Chengdu.

I am considering buying an apartment but my Chinese colleagues told me that I can not because 1) I am not married to a Chinese 2) Foreigners can not legally buy property, I do not know anything about purchasing property which is why I am looking for advice.

Can anyone give me any information on how easy or difficult it is for a foreigner to buy an apartment thank you.

Diamond

[Ben]

Foreigners can legally buy property in China, and you do not need to be married to a Chinese citizen. The only requirement is to have been here 1 year on a residence permit. The most difficult part is convincing the people who continuously tell you that it is not possible.

If you require a mortgage then I believe you will not be able to purchase a newly developed property. I know a few people who have tried and failed. Possibly something to do with the developer bundling the mortgages together, and foreigners not being able to be part of that bundle. You can most definitely obtain a mortgage on a second hand property.

The only 2 differences from normal procedure that I am aware of are that you require authorisation from the government to purchase the property, and you must have a notarised translated copy of your passport. Both are easy to obtain. You may also have to prove your marital status, either by a sworn affidavit if you are single or a notarised translated copy of your marriage certificate.

[Clark Kong]

Where do you want to buy? I am Chinese, and I have bought an apartment south of chengdu and I am familiar with the procedure and the places you need to go.

[Rick in China]

I just bought an apartment recently – paid in full last November. I did not need to provide any documentation in regards to my marriage status, but I know Chinese people do.

There is some running around in terms of getting documents together and there is almost no cost to that – you DO need to get a formal Chinese name now, though, which requires going to a notary and basically paying them to write up a paper saying you will be referred to as (whatever your Chinese name is) in legal documentation, and sign using that name..there is LOTS of signing/fingerprint stamping.

The biggest hassle in the process for me was getting the cash into the country and converted to RMB. The rest wasn’t that difficult. I imagine most higher end properties are allowed to sell to foreigners (they have a certificate allowing them to, you MUST ask at the sales office, make sure they show you a copy of it and aren’t just trying to get a deposit because you wont likely see that back :D)

Edit: Ben, re: the 1 year residents permit, I don’t think that’s the case any more.

[Tracy Lee]

You can buy. You need your Chinese name to be notarised and registered.

[Ian]

You can buy, but can you get a mortgage ?

[Rick in China]

Should be bank-dependent. Some banks will mortgage to foreigners and others will not. The % down for foreigners is higher than for local buyers, and it’s a more complicated process going the mortgage route (need to provide a lot of material in terms of your income/taxes/etc to get accepted, and prove your long-term domestic employment yada yada). The problem is some properties are locked in to allow only a certain bank (for new properties) and it’s going to narrow down your possibilities to find a place that uses a bank that allows foreign mortgages as well as is a property you actually want to buy.. but if you’re buying 2nd hand, then you’re OK.

[Christy Chengdu]

Hi everyone

My name is Christy, I’m an certificated Chengdu Real Estate Agent , I’m Chinese girl who working in the biggest agency company (lian jia) Foreigners able to buy properties in chengdu,  but under 3 conditions, Firstly  foreigners who has an working visa for an year.

Secondly, foreigners who has an statement of travel records( a year) third,offer 2 year social security according to the new policy  2017.3.24)

plz contact me if you have any question of buying property in chengdu

contact: wechat 13360082613    cellphone:15920000209

[otchengdu]

It’s very do able and not hard at all, just some running around. I have purchased an apartment in the city and have land in the country side. Very similar to the paperwork i had to go through for my SUV purchase as well; but all do-able.

Financing and/seeking a mortgage is the most challenging part since overseas locations have a more difficult time verifying a foreigners financial status. If you can pay in cash and/or wire transfer funds the more easier it is.

[Author]

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