What happens to Chinese home after owner becomes US citizen thus relinquishing Chinese citizenship?

[US man w/ CN wife 0]

In December 2010 I brought my Chinese citizen fiancée over to the USA via K1 visa and married her. Just this month she received her conditional permanent resident status (green card). She still owns her condo in Tangu/Teda Tianjin.

I have read around that foreigners are only allowed to own property in China in certain areas, property that foreigners own in restricted areas can be seized by the government. Is Tangu/Teda Tianjin an approved area for foreigners to own property? If not, when my wife becomes a US citizen in 3 years will her condo in Tianjin be seized because she is a foreigner or will she be grandfathered in?

Also, I have heard that foreigners are not allowed to conduct business in China unless partnered with a Chinese person/entity or incorporated into a Chinese corporation, and that this rule extends to leasing out a property. My wife and I are looking into leasing out her condo in Tianjin. If it is leased out at the point when she becomes a US citizen will we have to incorporate into a Chinese corporation to conduct that leasing business.

I realize these questions are peculiar but information on this subject seems to be sparse and far between. I appreciate any and all input, thank you!

[Darnell 8,479]

many people sell it to a relative prior to becoming a USC, so it stays in the family.

[JDD1 0]

many people sell it to a relative prior to becoming a USC, so it stays in the family.

Hi Darnell,

Thought you might be interested in knowing that my deceased wife (DOD Aug. 08) was from Wuhan, and her sister is temporarily taking care of my 5-year-old girl (Karen) until I and my fiance (Wei, who lives in Beijing) pick up Karen this summer, when hopefully the K-1 Visa comes through. I am taking care of my son Mark (9-years-old) in the U.S. I will be visiting Wuhan, obviously, when I pick up Karen.

Best wishes,

JD

[US man w/ CN wife 0]

many people sell it to a relative prior to becoming a USC, so it stays in the family.

Darnell,

That's a good idea. My mother-in-law only live about an hour away from the condo so just signing it over to her would be an easy way to keep it but not have to worry about foreign ownership laws. Thanks for the input.