G-Bridge contains 160 units hotel serviced apartments
over 6 floors. The hotel will provide international
standard service and amenities to short and long
term residents.
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The project is located in the excellent location
in Pudong, Shanghai. Key transport links;
• 10 minutes from the Lujiazui Finance and
Trade zone
• A few minutes from the Century
Park (the biggest city park in Shanghai and home
to the young and affluent)
• 10 minutes
from the New International Expo Centre
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G-Bridge is located within Pudong’s Biyun
International Community. There are a wide range
of amenities in the area;
• Large shopping mall
• Carrefour
shopping centre
The developer of G-Bridge is also planning to build
leisure facilities such as Karaoke in the immediate
vicinity.
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The Maglev train station (the express train to the
Pudong International Airport) is just 15 minutes
from the G-Bridge.
Taxis are easily and cheaply available at all times.
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G-Bridge is developed by Shanghai Jinyuan Zhiye
Co Ltd and is managed by Shanghai Hejing Hotel Management
Co Ltd.
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The reservation deposit paid to developer’s
bank account is legally protected by the reservation
agreement signed between the developer and the purchaser.
The Seller reserves the right to cancel this Reservation
Agreement at any time prior to the signing of the
sales contract, whereupon the Seller shall refund
to the Applicant, double of the Reservation Deposit
paid to the Seller, and all rights and obligations
between the parties will terminate.
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Clause 12 of the Sale Contract for Real Estate of
Shanghai states that if seller fails to deliver
said house to buyer according to the term agreed
in the Contract (including the delivery of the real
estate and transfer of its rights), it should pay
a breach penalty to buyer which shall be calculated
in line with 3/10000th per day of the paid payment
of buyer and counted from the due day of delivery
to the day of actual delivery according to Article
4 and article 6 of the Contract.
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The building is completed and the hotel management
company will rent the units out from 1 April 2006.
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G-Bridge is to be completed with classic architecture
and refined design, whilst the units will be delivered
fully decorated and furnished with all appliances.
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1) majority of apartments in Shanghai are (to the
domestic market) sold as empty hulls - they are
wired however are not plastered, not sold with any
fittings or finishing nor furnishing. Complete internal
decoration from a basic plasterboard and concrete
shell is required by the purchaser, and they are
neither serviced nor maintained. In and around the
Pudong area these apartments are available from
GBP 800/sqm.
2) G-Bridge is fully finished and furnished to
an international hotel standard. It is valued
from GBP 800/sqm.
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There are more than 50 parking spaces available at G-Bridge.
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The guarantee is provided in the Lease Contract
between the buyer and the management company, Hejing
Hotel Management Co and will be secured by the assurance
company, Tong Jian Law firm. Effectively, the management
company will rent your property from you for 18
year term at a rate averaging of 8.9% (gross) of
the property purchase price, which after revaluation
of the currency can be perceived as an effective
return of over 10%.
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Income tax of 5% will be deducted at source. The net yield is therefore around 8.45%.
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Property Frontiers recommends Marble Leos in Shanghai.
Marble Leos are a full service investment company
dedicated to assisting foreign investors in Shanghai.
In addition to specialist legal services, Marble
Leos are able to assist buyers in a number of other
areas if required.
Marble Leos will act on the buyer’s behalf
through Power of Attorney and undertake the mechanics
of the purchasing procedure with all necessary
parties.
By all means, buyers are also able to use another
attorney in Shanghai or even go to Shanghai themselves
to sign the necessary papers should they wish.
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The total closing costs are between 4 and 5% of
the purchase price. The table below shows how all
of the costs break down;
| No.
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Item |
Amount(RMB)
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| 1 |
Stamp Tax |
0.05%×Contract
Price |
| 2 |
Transaction Procedure
Fee |
0.05%×Contract
Price |
| 3 |
Deed Tax |
3%×Contract Price |
| 4 |
Title Registration Fee |
300RMB/Uint |
| 5 |
Land Drawings Fee |
240RMB/Unit |
| 6 |
Notarization Fee(Sales
Contract) |
0.25%×Contract
Price+250RMB/Unit |
| 7 |
Notarization Fee(Leasing
Contract) |
0.5%×Total Rent
(lower than 500,000RMB)+240RMB/Uint
0.4%×Total Rent (higher than 500,000RMB)+740RMB/Uint
|
| 8 |
Registration Fee(Leasing
Contract) |
150RMB/Unit |
| 9 |
Property Maintenance
Fund |
1,295RMB ×area×3% |
| 10 |
Notarization Fee (POA) |
500RMB |
| 11 |
Documents Translation
Fee (If Needed) |
210RMB/1,000 Chinese
Character (including punctuation) |
| 12 |
Other unexpected Fees
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Yes. The procedure is the same as buying individually,
but both buyers will have to sign the documentation
and power of attorney.
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Yes, but all parties will have to sign the power
of attorney.
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No, insurance will be provided by the hotel management
company.
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Every unit in G-Bridge development is registered
separately with the Government Land and Property
Bureau. The Developer is not able to offer the unit
for sale until it is 50% complete and the units
have been listed with the government.
The sales contract offered by developer must
also be authenticated and registered with the
government. When any unit is reserved, the developer
must register the sale on a government website
which ensures accurate sales prices and prevents
double selling of units.
Once the project is completed, the government
inspect the building and give the developer license
to hand over ownership to the buyers of each apartment.
Only at this point can the developer hand over
an ownership certificate to the buyer (assuming
the buyer has paid for the apartment).
On sign over, the registration of the property
is transferred into the buyer’s name, the
process is handled by the government, the developer
and the buyer (or buyer’s representative).
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The property ownership is on a leasehold basis;
similar to that used for apartments in the UK, with
the leasehold period being for 50 years. The People’s
Republic of China has only recently adopted private
property ownership and so is currently studying
the UK and European property models and this leasehold
is expected to be reviewed soon.
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The leasehold property laws in Shanghai have been
greatly influenced by those of the UK from colonial
days. Last year the Chinese government strengthened
the laws protecting private property and this is
reflected in the constitution. This means that the
standard international practice of renewing the
leasehold should be followed.
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The renewal of leases has not yet been conducted
due to the newness of private property rights in
Shanghai. For the first instances of renewal, we
need to wait another 30-40 years.
The government is planning to finalise the administrative
process for land leasing renewals in the future
and has indicated that any costs would be amortised
over the period of the lease rather than paid
in a lump sump. This will essentially follow a
system similar to the Ground Rent process in the
UK.
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Re-selling the property can only happen once the
buyer receives the ownership certificate. Once you
have to decided to re-sell your property, the re-sell
process can be handled by seller himself, by seller’s
attorney, or by the developer.
Please be aware that all receipts and documents
need to be kept safely for repatriating the RMB.
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Agent fees are usually 1% - 2% of the property sales
price.
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Your attorney in Shanghai will help with this process;
1. You need to keep all bank transaction history
and currency exchange receipts along with the
purchase sales contract. You (or your solicitor)
must also keep all tax payment receipts.
2. Once these documents have been provided to
the government, permission is granted for the
bank to exchange your RMB into foreign currency
and remit it to a bank account of your choice.
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| To check availability and/or
reserve an apartment at G-Bridge, please contact
Property Frontiers:
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