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After seven government departments issued a joint circular in an attempt to stabilize housing prices, Shanghai and Hangzhou, the cities which experienced the most dramatic price hikes, have seen prices lowered by more than five percent.
China Land prices are surging up steadily
SHORTAGES in land supply will continue this year, and are expected to bring up land prices steadily, officials with the Ministry of Land and Resources said.
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.
China Real Estate Market - Economic Development
Shortly after the new government was founded in 1949, almost all of China's private or individual-owned farms were collectivized into large communes.
China Real Estate Market - Foreign Investment
According to a statistics from China's Ministry of Foreign Trade and Economic Cooperation (MOFTEC), the cumulative foreign investment in China at the end of 2000 totaled $348.3 billion, making it the world's second largest destination of foreign direct investment after the United States.
China Real Estate Market - Housing Reforms
Until 1999, most of people in China's urban area had lived under the welfare housing system in which the government provided nearly free housing for urban residents.
China Real Estate Market - Real Estate Market
Compared with U.S. and other developed markets, China's real estate industry is less experienced and immature. Currently, there are approximately 25,000 real estate brokerage agencies employing over 200,000 agents.
China Real Estate Market - WTO Entry and Its Impact
China's expected accession to the WTO in late this year or early 2002 will have a positive impact on China's real estate market as a result of increased business activity and the more systematic development of China's economy. As China's economy grows, more and more people can afford cars and housing. This will not only provide enormous business opportunities to foreign investors, but also means that China will need to follow international practice standards.
China Real Estate Market - Laws and Regulations Concerning Land and Real Estate
China's legal system is a mixture of common law and continental legal systems, but it puts relatively less emphasis on legal precedents. The 1992 U.S.-China bilateral market access MOU committed China to publish all relevant laws, rules, regulations, administrative guidance and policies governing foreign trade.
China Real Estate Market - Administrative Agencies Affecting Real Estate Businesses
Currently, there are 31 provinces, municipalities and autonomous regions in China excluding Hong Kong and Macao Special Administrative Regions, and Taiwan. Chongqing Municipality, with a population of 30.4 million, is the most populated city in China.
China Real Estate Market - Taxation System
China's tax laws and policies are made by the National People's Congress and its standing committee, State Council, the Ministry of Finance, State Bureau of Taxation, State Council Customs Duty Regulation Commission, and General Administration of Customs.
China Real Estate Market - Mortgage/Home Loans
The housing mortgage system currently in China has just started. Several cities have enacted legislation and regulations to provide guidelines for mortgage processing on real property. For instance, in Guangzhou, the local government published regulations handling mortgages and required domestic mortgage lender to be licensed by a central bank.
China Real Estate Market - Foreign Business Establishment
There are several types of investment/business form for foreign investors or operations to conduct business in China including Sino-foreign joint ventures, Sino-foreign cooperative ventures, wholly foreign-owned ventures and cooperative exploitation. Each of them has its unique advantages and disadvantages depending on finance resources, market goals, tax purpose, and other factors.
China Real Estate Market - Conclusion
China Real Estate Market - Resources
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