CHINA / National
Real estate: Curbs put on foreign purchasers
By Fu Jing and Liu Jie in Beijing and Zhang Yu in Shanghai (China Daily)
Updated: 2006-07-25 06:45
Foreigners will be restricted from buying property to cool down overseas
investment in real estate, the government announced yesterday.
Labourers work on the scaffoldings at a construction site in Nanjing,
capital of east China's Jiangsu province July 13, 2006. [Reuters]
According to a package of new rules, foreigners need to be resident in
China for at least a year before they can buy homes to live in; and need
to secure government approval to buy property they don't intend to live
in or use.
The residency restriction does not apply to overseas Chinese or
compatriots from Hong Kong, Macao or Taiwan who can buy houses for their
own use.
For overseas real-estate developers, the ratio of registered capital
should be more than 50 per cent of any project that surpasses US$10
million.
The Ministry of Construction, the Ministry of Commerce, the National
Development and Reform Commission and the People's Bank of China said the
rules are part of government efforts to regulate the real estate market
and to improve the efficiency of foreign investment.
"Governments at various levels should realize the potential problems
relating to excessive overseas investment in real-estate development,"
said the statement.
The number of newly-established foreign-invested real-estate firms
increased by 25.4 per cent in the first half of this year, compared with
the same period last year. The amount of foreign capital actually used in
the sector was up 27.9 per cent.
The number of new construction projects jumped by 22.2 per cent in the
first half of the year, fuelling a 11.3 per cent rise in economic growth
in the second quarter, the highest rate in a decade.
The government has tried to rein in the property sector by raising
interest rates, tightening lending rules and imposing strict controls on
land use but apparently with little effect.
According to a recent report by DTZ Debenhan Tie Leung, a London-based
property consultant, overseas investors bought US$4.5 billion worth of
property in the first quarter, nearly a third more than the whole of last
year. Beijing and Shanghai are reported to account for more than 80 per
cent of overseas purchases.
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