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China Relaxes Laws On Foreign Property Ownership

News Posted On: 28 January 2009

The Chinese government has relaxed the restrictions on overseas property buyers in an effort to boost foreign investment in Beijing.

A number of measures were made by officials in the country, including one that suspended legislation implemented in 2007.

Before the changes, only expatriates who lived in Beijing for at least a year could purchase a property.

They were also required to prove that they would be the primary users of the accommodation.

Li Wenjie, general manager of real estate agency Centaline China's North China Branch, commented: "The government wanted to curb foreign capital from driving up the property price."

However, the market has slowed since then and a recent report from the Beijing Academy of Social Sciences predicted that prices could fall by 20 per cent in the next few months.

The relaxation of the laws could prove beneficial to property buyers looking to invest in a home in the Asian nation.

Last month, the number of sales of mainland property expressed in area terms fell by 20.3 per cent, according to the National Bureau of Statistics, reports Property Week News.

Written by Les Calvert

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