Hi. I searched for this and couldn’t find anything about it. If it’s already been discussed, please direct me to the thread.
The wife and I are looking at a new apartment complex in Zhonghe. It’s a huge pre-sale community that won’t be complete until 2007.
Everything looks great, except that the land is “zoned for factories”. I’m assuming this would be called an industrial zone in the west.
The gist of the discussions on the local message boards and through word of mouth is this:
- The land is definitely zoned industrial
- It is unlawful to sell a residential building/unit on land other than that zoned for residences
- The price of this complex is cheaper because it is industrial land
- You are crazy to buy this because you will never be able to sell it
- It’s a great buy because nobody really cares about zoning
Anyway, the people at the sales office are completely upfront about this. They straight out told us that it is industrial land (they even sell this concept by saying that the construction is thus held to higher standards). However, it is clearly being sold for residence (beds in the show suites, swimming pool, kiddie land, etc).
My question: what are the risks of buying such a place? Is all this an everybody-does-it kind of thing or would I risk losing the place in the future because of some obscure zoning law.
Thanks in advance.