To
some foreign companies, doing business in China is very difficult.
Besides the language and cultural difference, the concerns facing
foreign businesses may range from the not-so-transparent laws
and regulations, the bureaucratic agencies, to the complicated
taxation system. Despite these problems, China has made a huge
progress forward since it opened its door to the outside world
in late 1970's and embraced a market-oriented economy after
being ruled under the central controlled system for almost 30
years. Few people in China would have thought about owing their
homes ten years ago. Now, with a private home ownership approaching
to 60 percent in urban area, China is perhaps the most successful
country in the world to have developed a private housing market
in such a short period of time. This article is intended to
help foreign-based real estate practitioners better understand
China and the Chinese market. Issues such as China's economic
development, WTO's accession, laws/regulations, mortgages/loans,
business forms, government agencies, and taxation system, etc.
are addressed along with some statistical data from various
resources. Full Story
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