Some houses in China reached 70 years legal ownership time, now what?

[beijingwalker]

Some houses in China reached 70 years legal ownership time, now what?

Based on the Chinese laws lands can not be privately owned, people only have the right to use the land,but not own the land, house ownership expires in 70 years. Many wonder what will happen after your house ownership expires. In Shanghai some houses built in 1958 reached 70 years legal ownership time, see what happened.
The government says a 70 year old house would be a condemned construction which are not safe anymore to live in, so the houses were demolished and a new houses of the same size were provided, if the new house is the same size of the old one, the house is free and the 70 years ownership is being restarted back to zero, if you want to move to a bigger house, you have to pay for the extra square meters by yourself.

 

[Nan Yang]

Are you sure? That's free house for 1.4 billion people.

In Malaysia many house are built on 99 year lease land. No free replacement for sure.

 

[Splurgenxs]

What they mean is that its will cost the same as before to renew the lease + the additional carpet area they get.

 

[Mista]

Are you sure? That's free house for 1.4 billion people.

In Malaysia many house are built on 99 year lease land. No free replacement for sure.

Same in Singapore. It's controversial, but I think it's fair. Otherwise the prime land bought by the wealthier segment of the population today can perpetually pass down the property/land to their descendants. What about maintenance? Who pays for the redevelopment if it's torn down?

 

[beijingwalker]

Are you sure? That's free house for 1.4 billion people.

In Malaysia many house are built on 99 year lease land. No free replacement for sure.

They don't expire in the same year, China demolishs many old houses every year anyway, most of them don't have to wait for 70 years, do you dare to live in a 70 years old house?

 

[Zsari]

Some houses in China reached 70 years legal ownership time, now what?

Based on the Chinese laws lands can not be privately owned, people only have the right to use the land,but not own the land, house ownership expires in 70 years. Many wonder what will happen after your house ownership expires. In Shanghai some houses built in 1958 reached 70 years legal ownership time, see what happened.
The government says a 70 year old house would be a condemned construction which are not safe anymore to live in, so the houses were demolished and a new houses of the same size were provided, if the new house is the same size of the old one, the house is free and the 70 years ownership is being restarted back to zero, if you want to move to a bigger house, you have to pay for the extra square meters by yourself.

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The 70 years lease should be for the land, not the building. In any case, China should just use a real estate tax model, as actual lease for the land.

 

[lcloo]

Are you sure? That's free house for 1.4 billion people.

In Malaysia many house are built on 99 year lease land. No free replacement for sure.

Actually in Malaysia, we have 30, 60, 99 and upto 999 years leasehold on land. If the lease is expired you have to pay a certain sum of money called premiun to renew it.

However, if the government has planned to develop the land for other purpose, then you have to apply for other land. Not sure how much the government will compensate for your house that was built on it.

 

[Hamartia Antidote]

do you dare to live in a 70 years old house?

..are you affirming the notion that Chinese quality is crap?

 

[beijingwalker]

..are you affirming the notion that Chinese quality is crap?

I don't like to live in an apartment building of over 70 years old in any countries, not only the building themselves, but also the pipes and everything else would be very rundown and out of date.

 

[Nan Yang]

Actually in Malaysia, we have 30, 60, 99 and upto 999 years leasehold on land. If the lease is expired you have to pay a certain sum of money called premiun to renew it.

However, if the government has planned to develop the land for other purpose, then you have to apply for other land. Not sure how much the government will compensate for your house that was built on it.

That's my thought too. Unlikely that the Government will kick you out of your house. They will just allow you to renew the lease for another 99years.

Entire Sunway city is build on former mining land. That's a lot of compensation to move an entire city if the government wants to resume mining. Not going to happen.

Just like the Chinese new villages left over from the Emergency. No way you can move them. Should just give them land titles.

 

[beijingwalker]

But many foreigners believe that China will just kick the people out and take back the houses, perfectly matches what are always told about China by their media.

 

[Mista]

many foreigners believe that China will just kick the people out and take back the houses

What's wrong with that? The contract indicates leasehold, not freehold.

 

[beijingwalker]

What's wrong with that? The contract indicates leasehold, not freehold.

Contracts? I see no one asking about how many years are left for this house when people buying or selling houses in China.

 

[Mista]

Contracts? I see no one asking about how many years are left for this house when people buying or selling houses in China.

Well, everyone knows it's a leasehold but somehow believe that the government will compensate them when the leases expire.

It's the same in SG many years ago until the government had to come out and warn that there will be no compensation from the government after 99 years is up. The market then starts pricing in the duration of the lease.

 

[beijingwalker]

Well, everyone knows it's a leasehold but somehow believe that the government will compensate them when the leases expire.

It's the same in SG many years ago until the government had to come out and warn that there will be no compensation from the government after 99 years is up. The market then starts pricing in the duration of the lease.

China is not Singapore