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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.
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.
Chinese firm Atelier FCJZ has completed an art gallery that bridges a river in the city of Jishou, to encourage people to engage with art on their daily commute.
Zhuhai’s property market has the best potential upside over the next 12 months, according to the Hong Kong research firm Real Estate Foresight.
Shenzhen, known as China’s Silicon Valley, will offer 1 million government-subsidised homes at as low as half of the prevailing market rate.
Suzhou, a manufacturing hub near Shanghai dubbed the “Venice of China”, is considering new property restrictions to cool runaway home prices.