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| Proposals on Foreign Investment in Property Sector |
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China issued on Monday new proposals to regulate foreign investment in its real estate sector. The proposals include an increase in the ratio of registered capital in property developers' overall investment and restrictions on residential property purchases by foreign institutions and individuals. They are part of the government's efforts to regulate China's real estate market and to improve the efficiency of using foreign investment. The proposals have been jointly issued by the Ministry of Construction, the Ministry of Commerce, the National Development and Reform Commission, the People's Bank of China, the State Administration of Industry and Commerce and the State Administration of Foreign Exchange. The proposals also provide details about projects, shares, loans and any foreign exchange sales of foreign-invested real estate enterprises. According to the proposal, foreign institutions establishing branches or representative offices in China and individuals working or studying in China for over one year can purchase commercial houses for their own use. The proposals also order local governments to monitor foreign investment entering China's real estate market. China has taken a series of measures this year to control the real estate market in response to concerns over excessive foreign investment in the real estate sector, which has absorbed the most foreign investment in China. Newly established foreign-invested real estate enterprises increased by 25.4 percent in the half of this year compared with the same period last year. Foreign capital actually used was up 27.9 percent. Foreign exchange sales of foreign institutions and individuals for purchasing commercial houses have been doubled in the first quarter. (Xinhua News Agency July 24, 2006) |
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