House trivia:What to do after the 70-year title of a Chinese house expires

First of all, the calculation of property rights in 70 years is not from the time you buy a house or get a real estate license, but from the developer's land acquisition. Then the question comes. If the house expires in 70 years, will the house be recovered?

According to the provisions of the draft Civil Law, the period of property rights is automatically renewed upon expiration. The payment or reduction of renewal fees will be stipulated separately. What is the meaning of this sentence? Simply put, the property rights will be automatically renewed after the expiration of the property rights, but whether What is the renewal fee and the renewal fee? The current legal rate is not clearly stated. Although there is no explicit provision in the law, there are cases of actual implementation in real life.

In 2016, a landlord in Futian District of Shenzhen paid a total of 44,900 yuan, and successfully extended the land use period of 80 square meters from 50 years to 70 years, and paid 557 yuan per square meter, according to the current price of the property at 6.45 million. The cost of paying is about 0.7% of the total price of the house.