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China
Real Estate Market
Introduction
To some foreign companies, doing business in China is very difficult.
Besides the language and cultural difference, the concerns facing foreign
businesses may range from the not-so-transparent laws and regulations, the
bureaucratic agencies, to the complicated taxation system. Despite these
problems, China has made a huge progress forward since it opened its door
to the outside world in late 1970's and embraced a market-oriented economy
after being ruled under the central controlled system for almost 30 years.
Few people in China would have thought about owing their homes ten years
ago. Now, with a private home ownership approaching to 60 percent in urban
area, China is perhaps the most successful country in the world to have
developed a private housing market in such a short period of time. This
article is intended to help foreign-based real estate practitioners better
understand China and the Chinese market. Issues such as China's economic
development, WTO's accession, laws/regulations, mortgages/loans, business
forms, government agencies, and taxation system, etc. are addressed along
with some statistical data from various resources.
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