Rules tightened for foreign home buyers
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China plans to further tighten rules on foreign property buyers in an effort to curb domestic property speculation, Oriental Morning Post reported today.
China's Ministry of Housing and Urban-Rural Development and the State Administration of Foreign Exchange will issue a statement saying that foreigners are only allowed to purchase one home in China's mainland. Foreign institutions can buy non-residential properties only in the cities where they are registered.
The new rules require foreign homebuyers to provide documented proof to show that they have worked at least one year in China and a written statement that promises they don't own any other properties in China's mainland. Foreign institutions are required to provide similar statements, including registration files and approval documents by Chinese authorities for its establishment.
Previous regulations concerning foreign homebuyers did not limit how many homes they could buy.
China's business press carried the story above on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.
