Foreigners in China can now buy only one home

Beijing, Nov 14 (Calcutta Tube) Foreigners in China will now be allowed to buy only one apartment on the mainland under new rules announced by the government.

Overseas buyers must provide statements to show that they do not own other properties on the mainland, along with proof of at least one year’s employment in the country before home purchases, the Shanghai Daily reported citing the Securities Times.

Overseas companies can only buy non-residential properties in cities where they are registered.

The new laws were announced in a statement issued jointly by the ministry of housing and urban-rural development and the state administration of foreign exchange.

Previously, foreigners studying and working in China for at least one year were allowed to buy properties for their own use.

This policy, announced in July 2006, did not limit the number of homes they could buy.

‘The new policy, the most stringent on property purchases by foreigners so far in China, is in line with the country’s latest tightening measures to rein in property speculation,’ said Yang Hongxu, an analyst with Shanghai-based E-house China Research and Development Institute.

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