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In a strict definition, yes, what Chinese called buy a property actually is buy the ownership for 70 years or lease it for 70 years. But if the whole market is
by taobility 8y ago
In a strict definition, yes, what Chinese called buy a property actually is buy the ownership for 70 years or lease it for 70 years. But if the whole market is in that way, there is no difference either call it lease or buy.
- nradov 8y agoIt makes a huge difference when comparing Chinese real estate valuation and affordability with other countries that do allow purchases.
- chii 8y agoWhat happens after the 70 years is up? How does one pass the property to one's children if it's a "lease"?
- schuke 8y agoThe property is yours but the land on which the property is built is leased for 70 years. After 70 years according to exiting Chinese law the lease is automatically renewed. There’s no limit on the total number of renewals.