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2018-05-25



April 11, an announcement posted by Conver Mortgage brought a great news for foreigners who plan to invest in China's property. 


Foreigners buying houses in Guangzhou don't need a residence permit anymore, they will benefit from less required documents and easier application for housing mortgages! 

Foreigners can also apply for housing mortgage


Local banks such as Bank of China and Industrial and Commercial Bank of China offer renminbi-denominated mortgages only, with interest rate starting from 5%.


Multinationals such as HSBC and Standard Chartered, and regional lenders such as Bank of East Asia and DBS, offer mortgages in foreign currencies, including Hong Kong and Singaporean dollars.


Foreign banks have a limited presence in China but compensate by offering personalized service, loan applications and other materials in English. 


To qualify for a mortgage, you must prepare for bank statement of 12 consecutive months, an income tax certificate sometimes is needed, depends on banks.


The application of mortgages for foreigners is different from that for Chinese. For Chinese, they just need to make a minimum 30% down payment on their first house. 


For foreigners, they must buy the real estate at a time and apply for the mortgage after finishing the purchasing. 


The mortgage interest rates of these types are not too much different, but is challenging considering foreign exchange rules limit expatriates to converting USD50,000 into renminbi per year. (Exceeding this amount requires approval from the State Administration of Foreign Exchange).

Source: Conver Mortgage, HiTouch

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