Russia » Economics
Author`s name Alex Naumov

Russians to buy off the apartments in China

Nearly 100 Amur families have already acquired their own places there, and that is only a tiny part of the overall number of Russian citizens who made the decision to move. For our nation’s wealthy folk purchasing property on the Chinese territory is a promising investment, “Rossiyskaya Gazeta” reports.

The only thing necessary for the purchase is money and traveling documents. So far the country’s authorities are not seeking to set any strict limitations for the foreign buyers interested in Asian reel estate. Russians take full advantage of this freedom by forgoing uneventful Chinese provinces in favor of juicy large cities. For instance only four apartments were claimed and inhabited by the Amur clients in the border town of Heike near Blagoveschensk, while in Shanghai , Harbin and Beijing dozens of homes are already spoken for.

Sergey Tverdohlebov, a businessman from Blagoveschensk, works in the cross-border trade field. Once he used to occupy himself with the ordinary shipment of everyday products for mass consumption, but today he is responsible for major contracts in the reel estate business. He has permanently settled in Beijing . “I don’t even remember when was the last time I spent more than two weeks on end in my homeland,” he says, “I have no motive to go back to Russia because there all the profitable trade spots have been long since taken. So we sold my mother’s old place and are obtaining the necessary documents to buy two flats in China .”

At this point Sergey and his mother are renting a two-bedroom apartment in the prestigious “Second Ring” area of Beijing for 1600 Yuan (6000 rubles). For an average tradesperson this price is quite reasonable, and Sergey admits that he hadn’t even thought of actually buying a place in China until some serious family issues pushed him to consider it. After he made the decision to stay there for good the adventurous businessman spotted a desirable home for himself in a house that is currently being built. Apartments in this building are not very large, only about 70 squared meters, but they are very well equipped. The local price for one square according to the general standards is high – about $1,000 (just like in Blagoveschensk).

Another factor moved the man from Blagoveschensk towards the purchasing decision – to possess property in China provides an opportunity for obtaining a residency, which, in turn, helps with credit and better deals on loans, if one wishes to start a business.

However, the tourists who spend vacation on the shores of the Yellow Sea notice one gloomy consequence – there are no lights in the windows of the prestigious wealthy area homes. No one lives there. The places are bought off for the future, just like they are in Moscow , but no one wants to lose the acquired property. “Rich residents of Moscow, Novosibirsk and other cities purchase a flat in the vacation area only to spend there one month a year,” says Tatiana Masenzova, the head of Blagoveschensk mayoral international department, “That’s why we see no lights. The reel estate prices in China slowly but steadily continue to rise, and consequently people try to invest their money into it.”

Today more than 70% of the Chinese population in the large cities cannot afford to buy a new home, so the mortgage crediting is on the rise. The overall acceptable banking conditions help establishing the confidence: only 6% annual rate with the average term of 15-20 years. Russian citizens may also take advantage of these offers and services, but in this case they would be required to present a proof of reasonable income apart from all the other documentation. It is nearly impossible to get cheated while buying an apartment in a building under construction – apartments in an unfinished house only become available for sale after they are 80% complete.

Newsru.com

Translated by Natalia Vysotskaya

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