PRC man wants to buy HDB flat in Singapore, but owns an apartment in China
Posted by temasektimes on March 31, 2012
A PRC man who owns an apartment in China asked fellow netizens on Lion City Forum if he can still purchase a resale HDB flat in Singapore:
“I want to buy a resale HDB flat in Singapore, but I have an apartment in China. Can I still buy? Will it have any effect on my purchase?”
Under a new ruling introduced last year, PRs must declare if they own any properties back home and those who have are not allowed to purchase resale flats unless they dispose their existing property within six months upon the completion of the sale of the resale flat.
One PRC netizen replied:
“Don’t think it matters. Who will go to China and check? Only need two PRs to buy a resale HDB flat in Singapore.”
Another PRC netizen added:
“Usually won’t check, but you need to sign a document declaring that you do not own properties overseas. If discovered, your HDB flat will be repossessed and the money you paid for it will not be refunded.”
In most other countries, public housing is reserved for citizens only, but in Singapore, PRs are allowed to purchase resale HDB flats which contributed partially to the sky-rocketing prices in recent years.
Not only are the housing policies lax, PRs are also not subjected to a capital tax gain when they sold their resale flats thereby enabling a number of them to make a hefty profit when they sold their flats and leave Singapore for good subsequently.