70 years house ownership recently expires for some old houses in Shanghai, houses will be demolished

[beijingwalker]

70 years house ownership recently expires for some old houses in Shanghai, houses will be demolished

Houses sold in China can only have an ownership of 70 years, it's because the government believes houses are only safe to live in for about 70 years, after that time the safety of the houses have to be reassessed or demolished.

Some old houses in Shanghai recently reached this 70 years ownership time limit, house owners can move into newly built houses of the same square meters for free, if they like to move into a bigger house, they have to pay for the extra square meters. the ownership of the new houses will also last for 70 years.

 

[epebble]

In a way this is good. New homes can be safer with better earthquake, fire and flood resistance and can also be more energy efficient due to better insulation and central air conditioning. It will also give fillip to the home building industry and boost the economy.

 

[beijingwalker]

In a way this is good. New homes can be safer with better earthquake, fire and flood resistance and can also be more energy efficient due to better insulation and central air conditioning. It will also give fillip to the home building industry and boost the economy.

The best thing is you don't have to pay property tax on your houses cause you don't officially permanently "own" them, so in a sense, Chinese own their houses more than Americans. ownership in China is more like true ownership, you don't pay taxes for something you truly own.

 

[epebble]

The best thing is you don't have to pay property tax on your houses cause you don't officially permanently "own" them, so in a sense, Chinese own their houses more than Americans. ownership in China is more like true ownership, you don't pay taxes for something you truly own.

Without property taxes, how to the local governments (city municipality and district administration) get money for services like road repair, schools, street lighting, public hospitals, public transport etc.?

 

[beijingwalker]

Without property taxes, how to the local governments (city municipality and district administration) get money for services like road repair, schools, street lighting, public hospitals, public transport etc.?

Don't worry , they still got the money, the biggest companies , factories, banks.... are still government owned, don't foreget China is still a socialist country.

 

[Nan Yang]

The best thing is you don't have to pay property tax on your houses cause you don't officially permanently "own" them, so in a sense, Chinese own their houses more than Americans. ownership in China is more like true ownership, you don't pay taxes for something you truly own.

In US, there is also housing Association fees. Which is also a form of tax.

 

[beijingwalker]

In US, there is also housing Association fees. Which is also a form of tax.

Americans have low house ownership rate and struggle to make ends meet for a reason.

House owership rate

China

89.68

2018[8]

United States

65.9

2022[27]

 

[beijingwalker]

China has one of the world's highest house ownership rate is largely becasue the country doesn't impose property tax on people's houses

 

[epebble]

Don't worry , they still got the money, the biggest companies , factories, banks.... are still government owned, don't foreget China is still a socialist country.

Who decides how much money to take from Ali Baba and/or Huawei to repave the roads in Xinjiang province for 2024? If a city in Tibet has to buy new streetlights or buses should the money come from a car factory in Shanghai or a bank in Beijing? Somebody has to make that decision.

 

[beijingwalker]

Who decides how much money to take from Ali Baba and/or Huawei to repave the roads in Xinjiang province for 2024? If a city in Tibet has to buy new streetlights or buses should the money come from a car factory in Shanghai or a bank in Beijing? Somebody has to make that decision.

Don't know , but just check this out

Xinjiang invests 2.7 trillion yuan ( $3970 billion) on key projects in 2023

2.7 trillion yuan! List of key projects in Xinjiang in 2023--Seetao

In 2023, Xinjiang will increase its investment in infrastructure, which is characterized by large scale, large quantity and wide fields

www.seetao.com

To put it into perspective, the richest country in central Asia region, kazakhstan, the GDP is only $169 billion.

Bangladesh, a country of 165 million population, total country GDP is only $342 billion

 

[kankan326]

Without property taxes, how to the local governments (city municipality and district administration) get money for services like road repair, schools, street lighting, public hospitals, public transport etc.?

Property tax will be implemented in China sooner or later. But it is very sure each family has one house or certain square meters that are tax free. It will give all citizens bottom guarantee to property safety. I feel the house is rented intead I own the house if I will lose the house without paying property tax every year.

 

[beijingwalker]

Property tax will be implemented in China sooner or later.

They have talked about it for decades already but I feel it's becoming more and more unlikely

 

[Menthol]

But what would happen to the owner of the house if the house wanted to be destroyed?

 

[MH.Yang]

In a way this is good. New homes can be safer with better earthquake, fire and flood resistance and can also be more energy efficient due to better insulation and central air conditioning. It will also give fillip to the home building industry and boost the economy.

In China, old houses are likely to have very high prices because of their location. It may not be fair to replace a house with a house of the same size.

The house below is probably the most dilapidated house in Beijing, but it is also the most expensive house in Beijing. These houses usually cost more than 20 million dollars per unit.

Siheyuan - Wikipedia

en.m.wikipedia.org

 

[Vikramaditya-I]

China has one of the world's highest house ownership rate is largely becasue the country doesn't impose property tax on people's houses

View attachment 938881

Also, the Chinese hold more flats and/or houses than they need. The real estate ownership, which your government is actively trying to limit so that the real estate bubble deflates. Ain't that funny.