China plans to restrict foreigners from investing in the country’s already speculative property market, according to a report from the Securities Times.
The Ministry of Housing and Urban-Rural Development and the State Administration of Foreign Exchange have issued a notice to outline the rules. Individuals will be allowed to acquire only one residential unit for their personal use, while foreign companies can only purchase non-residential office facilities within their registered cities, the report said.
The newest measure is aimed at curbing hot money flows into the speculative property market.
In April and September, China’s central government introduced a series of property measures to curb speculative frenzy in the property market, but prices still surged 0.5 percent month-on-month in September, and only declined slightly in October with 0.2 percent month-on-month growth.