Legislation roundup: Property Law, deed tax and foreigners' housing purchases

February 25, 2016 | BY

Katherine Jo &clp articles &

The SPC has clarified issues on joint property ownership, the deed tax rate has been lowered and rules for residential purchases by foreigners in Beijing have been relaxed

Real Property

Supreme People's Court, Interpretation on Several Issues Concerning the Application of the <PRC Property Law> (1)

If a tenant in common wishes to transfer its share to a party other than a co-owner and another tenant in common requests, pursuant to laws and judicial interpretations, permission to purchase the jointly-owned share on the same terms, such request shall be upheld.

Further reading

Ministry of Finance, State Administration of Taxation and Ministry of Housing and Urban-rural Development, Circular on Revising the Incentive Policies for Deed Tax and Business Tax at the Real Property Transaction Stage

Deed tax will be levied at the reduced rate of 1% for purchase of residential premises of 90 square meters or less as the sole premises for the household and at the reduced rate of 1.5% for purchase of such residential premises of more than 90 square meters.

Further reading

Beijing Municipality, Circular on Issues Relevant to Further Regulating the Purchase of Commercially Developed Housing by Foreign Individuals

A foreign individual who has a work visa and does not own any residential premises in Beijing may purchase a residential premises unit in Beijing for his/her own occupation, and the requirement that, to do so, he/she must have worked in China for more than one year is abolished.

Further reading

Real Property

Supreme People's Court, Interpretation on Several Issues Concerning the Application of the <PRC Property Law> (1)

If a tenant in common wishes to transfer its share to a party other than a co-owner and another tenant in common requests, pursuant to laws and judicial interpretations, permission to purchase the jointly-owned share on the same terms, such request shall be upheld.

Further reading

Ministry of Finance, State Administration of Taxation and Ministry of Housing and Urban-rural Development, Circular on Revising the Incentive Policies for Deed Tax and Business Tax at the Real Property Transaction Stage

Deed tax will be levied at the reduced rate of 1% for purchase of residential premises of 90 square meters or less as the sole premises for the household and at the reduced rate of 1.5% for purchase of such residential premises of more than 90 square meters.

Further reading

Beijing Municipality, Circular on Issues Relevant to Further Regulating the Purchase of Commercially Developed Housing by Foreign Individuals

A foreign individual who has a work visa and does not own any residential premises in Beijing may purchase a residential premises unit in Beijing for his/her own occupation, and the requirement that, to do so, he/she must have worked in China for more than one year is abolished.

Further reading

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