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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.
Guangdong province is calling for the cancellation of a decades-long property pre-sale system that has played a primary role in supporting China’s real estate developers.
Early Bitcoin adopters from China who have now become millionaires are funneling some of their wealth out of their country by investing in real estate.
Home transactions in Hainan plunged 14 percent on the month and 41 percent year-on-year in May, according to real estate research firm CRIC.
Raffles City Chongqing, a project headed by the architect Moshe Safdie, will boast 134,000 sq m of homes, shops, offices, entertainment, transportation links and a public park.
Property prices in the city of Dandong have skyrocketed since North Korean leader Kim Jong Un visited Beijing in March, Chinese media reported.
Authorities in Hainan on Sunday imposed tougher restrictions on property purchasing that applies to the entire territory of the southern island province.