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Although local residents complain about high prices for real estate in Hainan , a comparative value for money and still attracts foreign investors, especially those who lived and worked in China's cities for a long time . With the growing importance of Hainan as an international resort , a growing number of foreigners from all over the world wanting to buy real estate in Hainan . However, several provisions of Chinese law may significantly affect the whole process of buying real estate in China, a foreigner can get in trouble, as happened to a U.S. citizen by Christopher Palmer. Christopher Palmer has already made a first payment on his mortgage , but then the Chinese bank refused to continue the deal , citing the fact that Palmer did not have the proper visa, he had a tourist visa  of L categorie and conditions for obtaining a mortgage loan include visa  Categories Z. Chinese law has a special decree number 171 of 2006 , according to which the foreigner to buy real estate to have lived in China at least a year , have a visa Z, the labor contract , work permit . All this must be notarized if the documents are not in Chinese. But, in practice purchases by foreigners of real estate in Hainan , an alien with any category of visa can buy real estate in Hainan , as the province of Hainan is a free economic zone and the rules are not as strict as in mainland China , however, should be borne in mind that In the case of a mortgage , Chinese Hainan Bank may lawfully continue to deny the transaction based on the Decree № 171 , if for some reason wants to do it , so if you do not have Chinese visas Z and you have not lived in China for over a year , it is better to buy an apartment through a direct payment , no mortgage .

There may be other restrictions depending on the city . In Shanghai and Beijing, foreigners are allowed to buy only one residential real estate . Foreigners there write a letter of guarantee that they will no longer buy real estate. But in Hainan has dozens of residents of the CIS countries have bought several apartments.

Average percentage commission real estate agencies in China is about 1 percent of the value of real estate , but in Beijing, the average percentage of 3 percent, which is an upper bound and regulated by law. In San or even in Hainan average percentage for the Chinese , also 3 percent, but the Russian ( CIS residents ) are overpaid considerably larger amounts , in some cases , when the overpaid and 40, and 50 and even 60%, typically 20-30% of the overpaid But because of ignorance of features Hainanese real estate business , virtually all overpaid and over 3 % . Although on paper for Russian clients also featured 3% ( or more often , and twice , three times as much ), but by false price lists ( specially made for Russian clients , the Chinese price list on the same subject is much cheaper) , the Russian far overpaid for the purchased apartment .

When buying real estate in Hainan should follow the following rules:

 

1 . Make several copies of passport , if any , residency and work permits.

 

2 . Keep receipts for all cash transactions


3 . Do not give money directly to the owners or agents, without a third party witness .

 

4. Make sure that the property is owned by the owner without any obstacles. ( There were cases when the owners were selling for twice )


5. Make sure that all owners have given their written consent to the sale, especially in the case of multiple owners, as usually happens in China , and whatever little they had no relationship to the owner .


6.When buying a new property , make sure that the developer has all necessary certificates , including the land certificate, all certificates of the construction project and a certificate of sale.


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