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People’s governments of the provinces, autonomous regions and municipalities directly under the Central Government may, in the light of the actual conditions prevailing in their respective localities, work out provisions for the conditions of registered capital and specialized technical personnel for the establishment of a real estate development enterprise higher than those in the preceding paragraph.
Establishment of a real estate development enterprise by foreign investors shall, in addition to compliance with the above mentioned provisions of these Regulations, apply for approval in pursuance of the provisions of laws and administrative regulations on foreign business invested enterprises.
Transfer of Real Estate
Where the land-use right is obtained by way of granting, transfer of the real estate shall meet the following conditions:
1. to have paid all the fees for the granting of the land-use right as agreed upon in the granting contract and obtained the certificate of the land-use right; and
2. to have invested for development as agreed upon in the granting contract and have fulfilled twenty-five percent or more of the total investment for development in the case of housing projects, or have constituted conditions of land-use for industrial purposes or other construction projects in the case of developing tracts of land.
Where real estate is transferred with the construction of houses completed, the certificate of the house ownership shall be acquired.
Where the land-use right is obtained by way of allocation, the transfer of the real estate shall, according to the provisions of the State Council, be reported for examination and approval to the people’s government that has the authority for approval. Upon approval of the transfer by the people’s government with the authority for approval, the transferee shall go through the formalities for the granting of the land-use right and pay the fees therefor according to the relevant provisions of the State.
Where the land-use right is obtained by way of allocation and the transfer of the real estate is reported for approval, and where the people’s government that has the authority for approval decides in accordance with the provisions of the State Council that the formalities for granting the land-use right need not be gone through, the transferor shall, pursuant to the provisions of the State Council, turn over to the State the proceeds obtained from land in the transfer of the real estate or dispose of such proceeds otherwise.
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