In China, you own the house, you just don’t own the land. Technically, the land is leased to you. For residential purposes though, you get about the same rights to the land as you do in the US though, but in most cases it’s a lot cheaper because you pay a fee every 70 or so years vs. every year that we pay property taxes. That also means that the government has fewer opportunities to take your land away from you than they do in the US (if you don’t pay your property taxes in the US, your land will be sold in a tax sale after a couple years). Your heirs still inherit your lease and have the right to renew when that 70 year mark comes back around. It’s a contributing factor towards the insanely high homeownership rate in China, which is around like 96 or 97 percent I think?
So you never own your house in China, is what I’m reading in your post.
In China, you own the house, you just don’t own the land. Technically, the land is leased to you. For residential purposes though, you get about the same rights to the land as you do in the US though, but in most cases it’s a lot cheaper because you pay a fee every 70 or so years vs. every year that we pay property taxes. That also means that the government has fewer opportunities to take your land away from you than they do in the US (if you don’t pay your property taxes in the US, your land will be sold in a tax sale after a couple years). Your heirs still inherit your lease and have the right to renew when that 70 year mark comes back around. It’s a contributing factor towards the insanely high homeownership rate in China, which is around like 96 or 97 percent I think?
So it’s literally impossible to own a house in China?
No, China has one of the highest home ownership rates in the world.