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Who qualifies for buying residential property in Beijing?
Any foreigner who has lived in China for more than a year and does not own an existing property here is allowed to buy residential real estate for their personal use.
What additional paperwork is required by expats in order to buy a home?
You will need a notarized copy of your passport with a Chinese translation. You must also have a certificate of residency from the Exit and Entry Administration of the Public Security Bureau. This involves an employment permit and a Beijing accommodation registration certificate. Plus, you will need approval from the Beijing Foreign Construction Project Office for State Security Examination that the property for purchase is permitted for foreign ownership. This requires a property ownership certificate, identity card of seller and passport of buyer.
How do foreign buyers pay for properties?
According to the State Administration of Foreign Exchange, expats can pay either through an overseas account or a domestic foreign currency account. The bank is responsible for approving and setting the exchange rate. After settlement, the bank will transfer the exchanged capital into the renminbi account of the seller. There is no cap on the amount exchanged, up to the full value of the property as per contract, both for buying or selling. Like Chinese nationals, foreigners can apply for mortgages of up to 70 percent of the total price of the property. Some large banks provide mortgages in foreign currencies. For example, HSBC Holdings Plc offers loans in yuan, US dollars and Hong Kong dollars. Repayment periods depend on individual bank policy.
