China Luxury Homes and villas
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China has relaxed its real estate investment rules for foreigners in the hope that it will help boost slowing economy. A government statement issued Thursday, August 27, 2015, by the Chinese Commerce Ministry and other local officials, changed previous rules which governed foreign property investors.
According to the Commerce Ministry, foreign investors are no longer required to pay registration fees when applying for domestic and foreign loans to finance property investment in the country, or when settling foreign exchange transactions.
Aside from this, foreigners and foreign companies are now allowed to buy more than one property, provided the foreign investors stay within the local housing purchase limit set for the area. Previously, foreign residents are only allowed to purchase one home after staying and working in the mainland for at least a year.
The prices of old homes in Shenzhen jumped 10.3 per cent year on year on average in April.
A property buying fever has gripped Chinese homebuyers, who are indulging in some revenge spending on property as coronavirus lockdowns are lifted in China.
Wuhan Natural Resources and Planning Bureau suspends auctions for land worth about 29 billion yuan (US$4.1 billion) before bidding deadline.
Hongkong Land Holdings Limited has agreed to pay a record RMB 31.05 billion ($4.48 billion) for a development site in Shanghai’s Xuhui district.
Shenzhen’s housing and construction bureau announced on Monday that all residential apartments smaller than 144 square meters in the southern city will be exempted from the luxury home tax.
Zhuhai has announced a tender process for what will be one of the largest hotel and exhibition centres near the Hong Kong-Zhuhai-Macau Bridge.