AboutJohnson Dong Expertise Chinese Lawyer. Practiced in Guangzhou, China. I can answer questions about Chinese businese and commercial law especially investment in China.Also I can answer other question about Chinese law.
Experience company law, real estate law, banking, corporation establishment, foreign investment and other foreign affairs. intellectual property settlement, commercial litigation, civil litigation, administrative litigation, criminal defend, divorce, tort liability, product liability. Draft pleadings, defences, motions.
Organizations Global Kingway Law Firm Attorney at Law
Address: 12th Floor, Guangdong Holdings Tower, No. 555, Dong Feng East Road, Guangzhou, P.R. China.
Post Code: 510050
Tel: 8620-83858533 Fax: 8620-83857100 Mobile: 86-189-2611-5891
http://www.gkl.com.cn/
Publications Province Ruled by Law, Economy and Development, Jan. 1998.
Auditors's Liability to Third-Party under the Jurisdiction of U.S.A, Hebei Law Science, May, 1999.
The Legal Framework of Real Estate Mortgage, Postgraduate Journal of Jinan university, June, 1999.
Education/Credentials Law School:
Jinan University, Economic Law Department,
LL.M (Masters Degree in Law) in Economic Law, 1997-2000.
Zhongshan University, Law Department,
J.D. in Economic Law, 1990-1994.
Past/Present Clients Variety Accessories Inc. (US, NY), Focus On Fashion Co., Ltd. (US, NY), Varian, Inc. (US, CA), Sirona Dental Systems GmbH (Germany), Seiko Advance Ltd. (Japan), Nassetti Ettore Group. (Italy), Wortmann Gmbh&Co.KG. (Germany), NOVI (CHINA) LIMITED(Hong Kong), Lifetime Trading Limited of Hong Kong, Dah Sing Bank, Ltd. (Hong Kong), Kwik Industries Limited (Hong Kong), Focus-Net Consultant Limited (Hong Kong), ProCareHoldingsCo. Ltd. (Hong Kong), NWS Holdings Limited. (Hong Kong) and etc.
Question I'm from the US and I would like to buy a house in Guangzhou. Is this legal and do I need an lawyer. Can I sell later if I leave China. I'm 60 and buy hardwood flooing for our company in US. At the persent I have multi-entry Visa for a tourist.
Answer Hi,
Thank you for your consultation. And I'm glad to answer your question.
You know for the reason of macro economic control, the mainland government has retrench the scope of Foreign Investment in Real Property Market.
In 2006 July 11, there was a policy that restrict foreigners invest Chinese real estate market.
1. Regulating the Entry of Foreign Investment into the Real Property Market
(1) When a foreign organization or individual wishes to invest in or purchase real property in China not for its/his/her own use, it/he/she shall comply with the principle of having a commercial presence by applying to establish a foreign-invested enterprise in accordance with provisions on investment in real property by foreign business entities. The foreign organization or individual may only engage in the relevant business within the approved scope of business after obtaining the approval of the relevant departments and carrying out the relevant registration procedures.
3. Strict Control of the Purchase of Real Property by Foreign Organizations and Individuals
(10) Branches, sub-branches and representative offices set up in China by foreign organizations (excluding enterprises that have been approved to engage in real property business) and foreign individuals who are to work or study in China for more than one year may, in line with their actual needs, purchase commodity premises for their own use or their own residence, but may not purchase commodity premises that they will not themselves use or reside in. Foreign organizations that do not have a branch, sub-branch or representative office in China and foreign individuals who are to work or study in China for less than one year may not purchase commodity premises. Residents of Hong Kong, Macao and Taiwan and overseas Chinese may, in line with their personal needs, purchase commodity premises in the mainland of a certain area for their own residential purposes.
(11) Qualified foreign organizations and individuals that wish to purchase commodity premises for their own use or for their own residence must do so using their true names and, on the strength of valid documentation (which here and hereinafter shall mean, for a foreign organization, the proof issued by the relevant departments of the Chinese government evidencing approval for the setting up of an establishment in China; and for a foreign individual, proof evidencing approval for him/her to work or study in China), carry out the relevant leasehold and housing title registration procedures with the competent land and real property department. The real property title registration department must carry out the title registration procedures for foreign organizations and individuals in strict accordance with the principles of own use and own residence, and may not grant registration to unqualified organizations or individuals.
(12) The foreign exchange control department shall verify the inward remittances of funds and the settlement of foreign exchange of foreign-invested enterprises, foreign organizations and foreign individuals made in connection with the purchase of real property in strict accordance with relevant provisions and the requirements of these Opinions. Qualified foreign-invested enterprises, foreign organizations and individuals shall be permitted to make such remittances and effect foreign exchange settlement. With respect to renminbi proceeds derived from the transfer of relevant real property, the purchase of foreign exchange in connection therewith and the remittance thereof out of China shall only be permitted after such procedures as a legal compliance review and confirmation, the payment of taxes in accordance with provisions, etc. have been carried out.
BUT it is lucky following the global financial crisis, the Guangzhou goverment have suspend execution this policy. Which I have consulted the Guangzhou Land and Resource Bureau.
So I think you can buy real estate in Guangzhou, also you can sell it in the market.
I think you need a lawyer to check all the documentations, from the developer to the bank and governments. And with our help, you can avoid those business trap.
For more infomation, please consul me directly.
John Dong
Attorney at Law Global Kingway Law Firm
Address: 12th Floor, Guangdong Holdings Tower, No. 555, Dong Feng East Road, Guangzhou, P.R. China. Post Code: 510050
Tel: 8620-83858533 Fax: 8620-83857100 Pas: 8620-33665240 Mobile:86-13802980549
