selling a property

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Member since 20 March 2019

redrobin81New member20 March 2019 21:50:23

Hi,
I wonder if anyone out there can help me. I’m a foreigner based in the UK but was given a property from my grandad in Shenzhen. There is currently no one occupying the property so I’ve made the decision to sell.
I was told by relatives in China that the buyer pays the tax but I can’t find any supporting online materials in English to back their claims (or what they’ve been told by the estate agent). So my questions are what taxes are involves when a foreigner is selling a property and who pays for each tax?
Are there any tiers for the taxes paid? E.g. if selling the property for 2m RMB will the tax % be X, if it’s between 2m and 3m RMB the tax will be %.
What fees are associated with selling? Is it just to the estate agent? I suspect this will vary depending on what agent is used and where.
Will the tax vary depending on how long I’ve had the property for and how old the property is?

Any help would be greatly appreciated

VANNROX China expert

Member since 12 August 2017

VANNROXChina expert22 March 2019 07:05:02

632

I strongly advise you to obtain an attorney based in China and have them look into this matter. Properties in Shenzhen are quite valuable, and are like trying to buy and sell real estate in New York City. This advice should not be taken lightly. This is a very serious matter and one that requires expert legal assistance.

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