Residential refers to the houses exclusively for living, including villas, apartments, dormitory for employees' families and collective dormitories, dormitory for single employees and dormitory for students. But it does not include the basement used as civil air defense and uninhabited in residential buildings, nor does it include special-purpose houses such as nurseries, wards, sanatoriums and hotels.
Housing property right includes housing ownership and land use right. The term of house ownership is permanent, while the land use right varies from 40 years, 50 years and 70 years according to relevant laws and regulations, and it will be automatically renewed when it expires. At that time, the renewal fee 1%- 10% (that is, the land use right transfer fee) will be increased.
The difference between land use right and house ownership
Most property buyers have little knowledge of housing property rights, which confuses housing property rights and land use rights. "Land use right" and "house property right" are two different concepts. Housing property right is ownership, and land use right is transferred by the state. The so-called right to use real estate is actually just the right to use land. Land use right determines the right to use real estate.
The owner-occupied house not only owns the ownership of the house, but also owns the land use right of the house. In other words, if the house is still there when the property right expires, the house is still yours, but you have to pay land tax. Property right refers to the land use right occupied by the house, not the ownership of the house itself.
According to state regulations, urban construction land belongs to the state, and individuals and enterprises can use and trade the right to use it with compensation. The right to use the house is 70 years, counting from the date of acquisition. As long as the buyer has a legal title certificate, the house is private property and does not belong to the state. As long as the house is still there, the individual has the ownership of the house. The property right of the house is 70 years since the developer started to build the house.