The fun begins...

Well, friend's of Audrey has accepted the offer we put fore; so we are learning the Chinese bureaucratic ways of dealing with buying a house. Now, that is an experience all by itself. And rules changes faster than the prairie gusts. There are some basic rules, old houses, can only borrow up to 60% of the purchase price; new house, up to 70%. There is a point systems from the local banks for approval; foreign banks maybe better; also the appraiser has huge power here. It can provide you a favorable estimate or not. Taxes, a list of them longer than a baby's arm. Will post them here once I have it. http://www.blogger.com/img/gl.link.gif

Still cannot figure out how people can buy and flip in the last 4 years. One house 3 story high; the owner bought for RMB650,000 3 years ago, he is now asking for RMB2.0. Ouch.

Here's a more detail views of the house from my iron-wife's post.