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| Saturday, August 30, 2008 05:48:45 |
Foreign property purchases may be restricted in China
China plans to limit non-Chinese residents or foreign investors to access the real estate sector and property purchases by new foreign exchange rules, XFN Asia reports. Supervision and restrictions on property firms seeking foreign investments and offshore listing will be enhanced.
While local property firms and foreign real estate companies are to be barred from executing stock swaps and asset transfers, the authorities may set caps on foreign exchange available to foreign individuals and institutions for property purchases in China, while also limiting foreign currency-denominated housing loans granted by local commercial banks to non-Chinese and foreign institutions, according to XFN Asia.
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