They can purchase a lease for Chinese real estate, which is good for 70 years on residential property and 50 years for commercial property.
China: Its Free Real Estate
Guess where they got this system from? the UK!
All land in the United Kingdom is owned by the Crown. Land is leased to private owners through a crown lease, usually for a term of 70 years and as extended. This lease is usually with conditions, such as to develop the land to certain specifications.
Canada is similar where most land is owned by the Crown or federal Government.
Isn't this somewhat similar to how real estate works in the UK? I had a friend there who gave me a rundown on buying a house, but it was a while back. Still, I seem to remember there being something about leasing the land from the government, or something.
Pretty sure Australia has a similar law, without the years being specified. It's called a "freehold lease".
Yep. It means technically the Crown retains rights to things like minerals in the ground and can pull a Compulsory Acquisition and "buy" your property back at a set price when/if they choose.
[–]quooo [ ]
Canberra has a 99-year lease on housing, so even if you own your house outright, the goverment can retake ownership after 99 years have passed.
No idea if any houses have actually been reclaimed yet though.
If you pay property tax it's not that different.
More like a environmental fee I'd say. Gotta have a road to the house and keep maintained, public utilities for example.
But it does feel odd to pay for something after youve bought it
Its not called an environmental fee. Perhaps homeowners maintenance fees.
No no. I am speaking about taxes not a complex or a condo.
It wouldn't be called maintence fees if my govnerment taxed me and paved roads and fixed up the parks. It is called a tax. I was a bit misleading in my language. My bad