I am representing two clients in selling their properties in Shanghai, China. It seemed that people are losing confidence in China property market, a sign that the growth of Chinese economy in a whole is slowing down to a lackluster rate.
Foreigners may be more worried about their holding of properties in China as they are often alarmed by western media about the potential instability or turmoil on the eve of China’s once a decade leadership reshuffle that is imminent early November. I guess there are quite a number of foreign owners are putting their Chinese properties on sale.
Unlike a Chinese property seller, for a foreigner owner of China property, there is more to be taken into account beyond a simple sale or title transfer to the buyer. I am talking about repatriation or remittance of the proceeds of property sale.
When a foreigner sells the property in China, he receives the sale proceeds in Chinese currency, renminbi or RMB. The problem is that you cannot take out the RMB money out of China especially, when it is a big amount. Unless you have the balls to use the underground banking services, you will have to go through the relevant procedures governing the money transfer out of China as set out by Chinese foreign exchange authority.
Very often, a local real estate lawyer may not be familiar with this process unless he or she focuses on foreign related legal business. To remit the money out of China, you need to convert the RMB proceeds and then wire the same out. In converting and wiring the sale proceeds in RMB, you need to have a bank to help you to complete the process. Choice of bank will affect the process.
Mr. Jason Tian, the author of this blawg, has inked a partnership with one of OCBC bank’s Shanghai outlets here. After completion of the sale of your property in Shanghai and you put your money into the bank account opened with OCBC, OCBC banker will help you to effect related foreign exchange formalities upon your authorization. These people of the bank are adept at doing such things and will generally be faster and more efficient than others.
So if you are going to sell your property in Shanghai, I will be glad to help with the whole process of sale and repatriation of your money back to your home country. You are welcome to contact the author.
Sir, thank you for the mail I am sending you, because this is the oil land in Romania. This is the certied oil land in Romania owns by spin heritage family. 2790 acres of oil land had contract with shell in 1938. The second world war made the contract stopped.
Now we are looking for buyer from China.
I am a broker holding the power of attorney.
Awaiting your reply sir. Any further information please contact me.
Thanks by Thilakan. V. S.
Sir I am contacting you for selling oil land in Romania. Hope you can help us to sell this certified oil land in Romania to Chinese oil producing company or buyers.
This is 2790 acres of oil land. In 1938 had contract with Shell for producing oil. But the second world war made to stop this contract.
Now they cutting trees and selling.
Please contact us for more details and the copy of the documents too.
This land is owned by a scientist from sion heritage family.
I am the broke and I have the power of attorney to find the buyers pls.
Awaiting your reply pls. Thanks by Thilakan. V. S.
I would like to consulting you regarding to the matter of selling foreign property to a chinese local citezen and what the procedure need to be taken to acomplish such a transaction.
I have a foreign friend how own a land in a one of the industrial zones and wishes to sell the piece of land to one of the local investors, but he faces some complication from the local government and the managment of the industrial zone where the claim its restricted to sell the property to a chinese investor and only can be sold to foriegn investors and the transaction must be wired by a foriegn currency and must be from outside china main land; please advise me if that is true while i could not find any information or details regarding to this matters on the websites and if there is any alternative way of doing the transaction without all these complications. and what procedure you will take if we use your assistance to acomplish this deal.
appreciate your fast reply.