Moving to Shanghai

I have a few properties in Shanghai and around China, where are you looking and what are you looking for i.e. Pudong, Puxi, apartment, Villa, Town house, office, shops etc.

The tax laws have changed in the last year, as has foreign ownership of property; you can now only buy one property as a foreigner.

Can't sell the house unless you clear the mortgage first. There are few bridging companies in the market just now, that will change. (There are methods though).

Do not trust the lawyer unless it’s a large multinational. Never give a lawyer large amounts of cash. It’s not like here with escrow accounts etc, give one enough and he will disappear with your hard earned cash

When the ownership transfer time arrives go to the land office with you bag of money and get the owner to come with the clean title deed and swap then through the land office.

If Puxi buy inside the inner ring Rd, the best possible building you can afford. My properties have continued to rise even in the bad market over the last two years, as they are prime.

Buy Villas over apartments every time.

If you rent it out pay your tax it's only 5% PA do not get into trouble with the taxman.

If you are buying a shell then make sure you have a good builder, (I have one I use). Trust no one and check everything that goes into the house. There are many poisonous products in the market.

Hope this helps, China is good for real estate, I have done very well there but be you need to be careful.

 

bad drivers there in shanghai you need a beater car. while taking a cab to the hotel from the airport the cab driver hit two cars and never stopped. one rear end and a side swipe.

 

Drivers are bad but its up to you to keep out of the way and predict what they are going to do, (there do not know). I drove my Ferrari around Shanghai for years without any trouble.

The Ferrari dealer is established there now so you can repair the cars without having to get the guys up from Hong Kong to fix it.

When I first got my car into China it attracted far to much attention, if I stopped at the lights a crowd would gather around the car and sometimes I could not get away at the green, now there are quite a few Ferrari's and other exotics in Shanghai so the problem has gone a way somewhat.

Parking was a problem as I was always afraid of leaving the car incase of damage. (Also you would not let a valet park your car for you)

Other than that in 12 years I have only had one incident, a minor scrape one of my vans, just a paint scrape.

You are the one who has to make the decisions on the road in China, that way you will get around easily and safely.

The overseas Shanghai Ferrari club is no more, Eric and Karen live in the US these days and I am now commuting between Australia and China. That was the club. There is a Ferrari club there but its Chinese and not to easy to keep track of.

My Ferrari is parked in the underground car park patiently awaiting my return.

Here are a few pictures of the Old Ferrari Club of Shanghai in action.
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