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China's property market opens wider to foreign investment

Xinhua, August 28, 2015 Adjust font size:

China has lowered the threshold for foreign capital to invest in the country's property market, according to a statement released Thursday by the Ministry of Commerce.

The decision, approved by the State Council and jointly published by six government departments, loosens restrictions on foreign investment in the real estate sector and house purchases by overseas institutions and individuals.

According to the statement, foreigners and branches of overseas institutions in China are allowed to buy houses for dwelling or personal use.

The government also lowered requirement on registered capital for foreign-funded real estate enterprises.

After the adjustment, registered capital shall be no less than 40 percent of total investments between 10 million U.S. dollars and 30 million U.S. dollars; if the total investment is valued at more than 30 million U.S. dollars, the ratio shall be over one third.

The previous ratio was at least 50 percent for investments valued at more than 10 million U.S. dollars.

Under the new rule, full payment of registered capital is no longer a precondition for applying for domestic and overseas loans.

The move aims to boost the smooth and healthy development of China's real estate market, said the statement. Endi