Forums > Living in Kunming > Bank Loan for buying a house in Kunming There is a lot of confusion at every level over how the new regulations (c. Jan 2011 in Kunming Shi) work out in reality.
I have no solutions but can at least tell you what I understand. Caveat: this may or may not be current knowledge and may not be accurate.
Under the old regulations a non PRC citizen could officially not get a loan, but some did.
Under the new regulations all persons must have paid tax in Kunming for a year in order to buy property in Kunming (Chinese people too). You can only purchase a second property in Kunming if you have a Kunming HuKouBu.
Citizens cannot purchase a third or subsequent property in major cities in China. However, many people are buying in county level areas.
General notes.
The best source of advice on property ownership is the housing bureau.
The best source of advice on what the bank can do is that particular bank (even down to the branch). Make sure that you go to a main branch (not sub branch) as the managers there will have more discretion on how the rules are interpreted.
The bank will tell you what paperwork is needed for their institution, and where to get it.
Chinese banks are good at gouging fees from all of their customers, 12000 rmb seems reasonable to get something that is technically irregular.
Companies can also buy property, perhaps your company can. However, you are then into the realm of a commercial mortgage with shorter repayment periods (10 yrs I think) and higher interest rates. There are no limits on how many properties a company can own.
Beware of SOHO. There is a lot of SOHO property on the market that appears to be residential. It is the developer getting around some of the regulations. The problem for the buyer will be the commercial loan fees and commercial taxes for purchase or sale. But lots of local buy this way to get around some of the limits on property. Private owners can also buy SOHO.
If you are buying new, the developer can also help you get loans if they have a special relationship with the bank.
Most regulations in China are open to local interpretation. The fact that you are getting different stories is not important. Just give them what they ask for, and expect this to change as the process moves along. This is not surprising as each level of the process with have people with a slightly different interpretation of what is needed by whom. If you can't get what you want from one bank, try another; or try another way. There are no definitive answers, TIC.
Good luck
Chinese man kills ostrich in bizarre suicide attempt
发布者Like the links to Youku.
Great enhancement.
Manufacturer addresses Kunming metro safety, comfort concerns
发布者Ha
Just de-railed, no signal needed.
Can Kunming become a real international city?
发布者Define international city.
If you mean and international trade centre for SW China, I think Yunnan has missed the boat. Chongqing was on a par with KMG 6 or 7 years ago. It is now streets ahead. With the global recession, and even China's economic downturn, there are few opportunities to develop a new trading centre in SW China.
I know KMG and YN govt. want it, but I don't think they will get it. For Vietnam/Thailand/Etc. the extra flight time to Chongqing does not add a lot to the total door to door time. And when you get there all the main financial services are needed are already well developed, unlike KMG.
The other issue is how do you staff institutions from a work pool of people with a poor work ethic. Yunnan has never been known to be industrious. Chongqing is a cut-throat business environment, like Shenzhen, Guangzhou and Shanghai. In Yunnan people want easy money, and then kick back and play Mah-jong.
Bronze Age relics unearthed in Baoshan
发布者@voltaire
Thank you for a very informative and interesting post, explaining more of the relevance of this find.
Flying Tigers memorial opening tomorrow
发布者Perhaps words like 'tomorrow' should not be used in editorial that will be read at a later date. At the time of me writing this, tomorrow was already yesterday ;-)