By "own" you mean 70 year leases with ??? renewal conditions?
> Urban land use rights in Mainland China were typically granted for fixed terms: 70 years for residential, 50 years for office or industrial, and 40 years for commercial purposes. As these terms approach expiration, the question of renewal becomes paramount. The legal framework, primarily the Property Law and the Urban Real Estate Administration Law, provides a general outline but leaves specific implementation to local governments.
> Mainland China’s Property Law (Article 149) and The Civil Code of Mainland China (Article 359) guarantee automatic residential land use right renewals but provides no specific arrangement in respect of non-residential terms. Currently, without detailed implementation guidelines, local governments devise varied approaches, skewing valuations and unsettling investors. This uncertainty hinders market efficiency.
If you follow the public policy discussions in China, you’ll likely notice more complication surrounding the 70-year leases. Basically everyone already feel they own the property, the government’s forceful attempt to reclaim property would be counterproductive and unlikely to succeed. Additionally, many government officials are not particularly fond of this policy. They prefer property tax like US. Individuals currently do not pay property tax in China, they are reluctant to pay property tax and argue that they have indirectly paid them when purchasing property. Consequently, the property tax and ownership restructuring are essentially stuck in a stalemate.
I agree that that is a meaningful difference, but since I expect to be be on my last legs at best 70 years from now, it really doesn't make much of a difference to me, especially when contrasted to here where my home owning plans amount to little more than "hopefully the housing market will collapse"
By "own" you mean 70 year leases with ??? renewal conditions?
> Urban land use rights in Mainland China were typically granted for fixed terms: 70 years for residential, 50 years for office or industrial, and 40 years for commercial purposes. As these terms approach expiration, the question of renewal becomes paramount. The legal framework, primarily the Property Law and the Urban Real Estate Administration Law, provides a general outline but leaves specific implementation to local governments.
> Mainland China’s Property Law (Article 149) and The Civil Code of Mainland China (Article 359) guarantee automatic residential land use right renewals but provides no specific arrangement in respect of non-residential terms. Currently, without detailed implementation guidelines, local governments devise varied approaches, skewing valuations and unsettling investors. This uncertainty hinders market efficiency.
https://www.cushmanwakefield.com/en/greater-china/insights/b...
But yeah, you could argue that you have to pay property taxes in USA and if you don't, you'll eventually lose your land