| Project Information |
| Where is Summit Panorama? |
| What are the anemities around Summit Panorama? |
| Briefly describe the master planning of Summit Panorama. |
| When will the construction be completed? |
| Is there any clubhouse facility? |
| Who is the appointed property management
agent for Summit Panorama? |
| What are the unit designs available? |
| Do you sell the units as bare shell or
furnished units? |
|
| Purchaser Information |
| What is the purchase procedure? |
| If an individual purchases the property,
what are the documents required when signing the S&P? |
| If a company purchases the property,
what are the documents required when signing the S&P? |
| What are the payment methods for the
purchase? |
| How much do I have to pay before or when
I have signed the S&P? |
| Can I use foreign currency for the
purchase? |
| In Shanghai, which are the banks that
provide mortgage loan services? |
| What is the highest mortgage amount
provided by the banks in Shanghai, and how long can the mortgage term be? |
| What are of the documents required when
I apply for the mortgage loan? |
| What is the procedure when applying the
housing mortgage loan from the bank? |
| What are the taxes/ fees to be levied if
a company purchases the property? |
| What are the taxes/ fees to be levied if
an individual purchases the property? |
| If the property is rented out by a
foreigner, what are the taxes/fees to be levied? |
| If the property is rented
out by a foreign company, what are the taxes/fees to be levied? |
| If the property is re-sold by a foreign
owner, what are the taxes/fees to be levied? |
| If the property is re-sold by a foreign
company, what are the taxes/fees to be levied? |
| If the owner is a foreigner, can the
rental income be repatriated? |
| What are the documents required when
applying for the repatriation of rental income? |
|
| Project Information |
|
Where is Summit Panorama?
It is located at the center of Lu Jia Zhui Finance area, Pudong New
District. The address is No. 233 Pu Ming Road. |
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What are the amenities around
Summit Panorama?
Summit Panorama is located at the most developed area in Pudong New
District, with No.1 Yaohan, and Pudong Times Square adjacent to it. The Primary and Middle
Schools are located in Summit Panorama.The convenient transportation allows easy
conveyance to the People's Square, Xu Jia Hui and Shanghai Railway Station. The Dong Chang
Road MTR Station is only 5-minutes walk away. |
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Briefly describe the master
planning of Summit Panorama.
The land area is 40,978 m2 , comprising of 3 blocks of 33 floors, 1
block of 14 floors and 19 floor each and 1 block of 10-14 floors apartment buildings.
Gross floor area is 153467.73m2. The greenery index is 56.3% with capacity index of 3.745. |
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When will the construction be completed?
Summit Panorama is estimated to be completed in September, 2003. |
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Is there any clubhouse facility?
Yes, it has a sauna, heated indoor swimming pool, gym, beauty
center, reading room, tennis courts, etc. |
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Who is the appointed property management
agent for Summit Panorama?
PREMAS Property Consultants (Shanghai) Co., Ltd. |
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What are the unit designs available?
The various designs are: two bed room, three bed room, four bed
room and penthouse. GFA: 120.13m2 - 213.92m2, 256m2-410.94m2 |
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Do you sell the units as bare shell or
furnished units?
We provide bare shell and furnished units to meet the different
purchaser's requirements. |
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|
|
| PURCHASE INFORMATION |
|
What is the purchase procedure?
Selection of unit => Deposit is paid & Purchase Order is
signed => Down payment has been made & S&P is signed =>Notarization of
S&P (applicable to Foreign Buyers) => Registration of the S&P=> The
purchased unit’s full purchase amount is paid & Letter of Handover is signed
=>Notarization of purchased unit’s Letter of Handover (applicable to Foreign Buyers)
=> Issue of Ownership Certificate & Land Use Certificate |
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If an individual purchases the property, what
are the documents required when signing the S&P?
| 1. |
Domestic: ID card
Foreigner: passport
Hong Kong residents: valid Hong Kong I.D. card & Home Return Permit
Taiwanese: Taiwanese Compatriot Permit, Temporary Residence Permit |
| 2. |
Personal seal |
|
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If a company purchases the property, what are
the documents required when signing the S&P?
| In addition to those documents listed in the previous
question above, the following are also required: |
| 1. |
Business License, |
| 2. |
Business Registration Certificate, |
| 3. |
Company seal, |
| 4. |
The resolution from the board of directors agreeing to
the purchase and the appointment of authorized signatory, Power of Attorney |
|
|
If the purchaser is an overseas company (exclude Hong
Kong registered company), the above items 1, 2, 4 and 5 are to be notarized by notary(s)
at the place of registration and verification from respective PRC consulate overseas.
If the purchaser is a Hong Kong registered overseas company, the above documents are to be
notarized by the notory(s) appointed by the Ministry of Justice PRC, and deliver through
the Chinese Legal Services (Hong Kong) Limited Company with its stamping. |
|
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What are the payment methods for the
purchase?
| 1. |
One time payment |
| 2. |
Mortgage payment |
| 3. |
Construction Progressive Payment (Not applicable for
completed projects) |
|
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How much do I have to pay before or when I
have signed the S&P?
You have to pay at least 20% of the total purchase price. The 20%
includes the deposit that is paid before signing the S&P. |
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Can I use foreign currency for the purchase?
Yes, the payment can be made in US$. |
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In Shanghai, which are the banks that provide
mortgage loan services?
The banks are : Bank of China, Industrial & Commercial Bank of
China, Pudong Development Bank, and Bank of East Asia. |
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What is the highest mortgage amount provided
by the banks in Shanghai, and how long can the mortgage term be?
Subject to the bank's assessment and approval, the maximum mortgage
amount can be 80% of purchased price, and maximum mortgage term can be 30 years. |
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What are of the documents required when I
apply for the mortgage loan?
| 1. |
Marriage/single certificate/ID card |
| 2. |
Individual income certificate
If the purchaser's monthly income exceeds RMB20,000, the follows are required : the tax
receipts & credit references such as bank statement/savings passbook for the past 6
months, stock securities, investment proof, title deed of other real estate property, etc. |
| 3. |
The receipt of the first purchase payment made for the
property. |
| 4. |
Application for private mortgage loan |
| 5. |
Sales & purchase agreement |
| 6. |
The current deposit account of the borrower |
| 7. |
Notarized spouse agreement (if the spouse is not able to
sign the mortgage contract) |
| 8. |
Power of Attorney (if the purchaser is not able to sign
the mortgage contract) |
|
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What is the procedure for applying housing
mortgage loan from the bank?
Submit the mortgage loan application and necessary purchaser’s
information / documents (listed in previous question) to the bank =>Bank
assessment=>Mortgage notarization(applicable to Foreign Buyers)=> Mortgage
registration=>The bank releasing the mortgage loan. |
|
What are the taxes/ fees to be levied if a
company purchases the property?
|
Stage : Pre-Sales Contract |
|
| 1. |
Registration Fee |
RMB100.00 |
| 2. |
Power of Attorney |
RMB 500.00 |
| 3. |
Notarization Fee |
Purchase price *0.25%+350.00(purchase price
500,000-5,000,000) |
| 4. |
Transaction Fee |
Purchase price*0.08% |
| 5. |
Stamp Duty |
Purchase price *0.03% |
| 6. |
Transaction fee for Carpark Lot (if any) |
RMB125.00 |
| 7. |
Stamp duty for Carpark Lot(if any) |
Purchase price *0.03% |
|
|
|
Stage : Handover and Issuance of Title Deed
Certificate |
| 8. |
Notarization fee upon handover |
RMB500 |
| 9. |
Title Deed Tax |
Purchase price*3% |
| 10. |
Title Deed Tax for Carpark Lot (if any) |
Purchase price*3% |
| 11. |
Registration Fee for Title Deed Tax |
RMB200.00/set |
| 12. |
Stamps for Title Deed Certificate |
RMB5.00 |
| 13. |
Site Plans |
RMB25.00/set |
|
|
|
| Note: The above is for reference only and subject to the
latest Government's regulation. |
|
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What are the taxes/ fees to be levied if an
individual purchases the property?
|
Stage : Pre-Sales Contract |
|
| 1. |
Registration Fee |
RMB100.00 |
| 2. |
Power of Attorney |
RMB 200.00 |
| 3. |
Notarization Fee |
Purchase price *0.25%+350.00 (purchase price
500,000-5,000,000) |
| 4. |
Stamp Duty
|
Purchase price *0.03% |
| 5. |
Stamp duty for Carpark Lot (if any) |
Purchase price *0.03% |
|
|
|
Stage : Handover and Issuance of Title Deed
Certificate |
| 6. |
Notarization fee upon handover |
RMB500 |
| 7. |
Title Deed Tax |
Purchase price*0.75% |
| 8. |
Title Deed Tax for Carpark Lot (if any) |
Purchase price*0.75% |
| 9. |
Registration Fee for Title Deed Tax |
RMB100.00/set |
| 10. |
Stamps for Title Deed Certificate |
RMB5.00 |
| 11. |
Site Plans |
RMB25.00/set |
|
| In lieu of the mortgage loan, purchaser may also required
to pay the following: |
| 1. |
Notarization Fee for Mortgage Payment |
Total loan amount * 0.3% |
| 2. |
Mortgage Agreement (Insurance ) |
Total loan amount 10,000*standard base on the loan term |
| 3. |
Registration Fee |
RMB200.00 |
|
| Note: The above is for reference only and subject to the
latest Government's regulation. |
|
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If the property is rented out by a foreigner,
what are the taxes/fees to be levied?
| 1. |
Stamp Duty : |
Rental Amount for the full lease duration *0.1% |
| 2. |
Composite Tax : |
Monthly rental*5% |
|
|
|
| Note: the above is for reference only and subject to
Government's latest version |
|
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If the property is rented out
by a foreign company, what are the taxes/fees to be levied?
| 1. |
Sales Tax |
Monthly rental*5% (to be paid on monthly
basis) |
| 2. |
Property Tax |
Purchase price *80%*1.2% (to be paid on yearly
basis) |
| 3. |
Stamp Duty |
Rental Amount for the full lease duration *0.1% |
| 4. |
Withholding Tax |
(Monthly rental - sales tax)*10% (to be paid on
monthly basis) |
|
|
|
| Note: The above is for reference only and subject to the
latest Government's regulation. |
|
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If the property is re-sold by a foreign
owner, what are the taxes/fees to be levied?
| 1. |
| If the property has been purchased and is already resided
by the Seller for more than one year: |
| Stamp Duty |
Sale Price*0.05% |
|
| 2. |
If the resale property is a villa or detached house, the
seller is required to pay 5% of the resale price as composite tax. |
|
|
| Note: The above is for reference only and subject to the
latest Government's regulation. |
|
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If the property is re-sold by a foreign
company, what are the taxes/fees to be levied?
| 1. |
Sales Tax |
Sale Price*5% |
| 2. |
Stamp Duty |
Sale Price *0.05% |
| 3. |
Withholding Tax |
(Sale Price - Purchase Price)*10% |
|
|
|
| Note: The above is for reference only and
subject to the latest Government's regulation. |
|
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If the owner is a foreigner, can the rental
income be repatriated?
| The rental income can be repatriated if the following are
fulfilled: |
| 1. |
The property is bought by overseas buyer |
| 2. |
The purchase is made in foreign currency |
| 3. |
The Foreign Currency Management Bureau has approved the
repatriation of rental income. |
|
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What are the documents required when
applying for the repatriation of rental income?
| 1. |
Remittance receipt should show that the purchase proceeds
was remitted from overseas. |
| 2. |
Purchase invoice |
| 3. |
Tax clearance certificate issued by Tax Authority |
| 4. |
Lease Permit |
|
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