Buying an Apartment (Currency)

Shanghai Expat Forum Index » City Living Forums » Relocation and Moving

Author

Message

hammerforlife
Fire-eater

Joined: May 24, 2004
Posts: 2701

Posted: Nov 17, 2005 - 02:23 PM
Post subject: Buying an Apartment (Currency)

Apart from all the other considerations of buying an apartment in the unstable world of Shanghai property these days I have a query about currency. If I bought and sold again a few years down the line I may want to take the cash out of the country. It’s difficult enough to change RMB legally here but I wouldn’t fancy going to my local dodgy money changer with a bag containing a couple of million RMB. For those in the know, does property change hands in other currency eg USD? How about any other ways to sort out this potential problem?

Ranter

Joined: May 14, 2003
Posts: 559

Status: Offline

Posted: Nov 17, 2005 - 03:14 PM

second hand properties usually do not change hands in foreign currencies unless you can agree that directly with the owner. I tried this once but ran into ample red tape.

Anyways, repatriating your rmb money is not a problem nowadays. You may need a license to do that, but on the other hand you need licesies to so many other things too. As banking industry is opening up, so open the ways to repatriate.

I am a strong believer that the day i move out , i will be able to bring along those millions i made here...(hmmm...just need to make the millions first Smile