China Limits Property Purchases By Foreigners
November 16th, 2010 | General |
© Reuters
China on Monday announced new limits on the ability of foreigners to buy residential or commercial property on the mainland, in its latest effort to curb the inflows of speculative money into its economy and ease inflationary pressure.
Observers said the effect would likely be small, since foreigners make up a tiny proportion of China property sales. But the lack of details could add another element of uncertainty to a real-estate market that already contends with volatility and sharp surges in values.
In a joint statement with the Ministry of Housing and Urban-Rural Development, the State Administration of Foreign Exchange said Monday on its website that foreign companies can purchase only commercial property that they are planning to use themselves. It also reinforced existing rules to limit foreign individuals to buying one residential unit per person for self-use.
Foreign investments accounted for 0.8% for property development in China last year, data from the National Bureau of Statistics showed.
The foreign-exchange administration, which regulates China’s currency and is known as SAFE, didn’t offer additional details or examples. Analysts said the restrictions on commercial properties probably pertain to companies that want to own and occupy buildings.
Inflows of what’s known as hot money have complicated the central government’s efforts to tame inflation and lending in order to curb its strong growth rates and contain inflation. Hot money is speculative capital that evades regulators in China, which keeps tight controls on its currency.
SAFE last week announced measures to further crack down on hot money inflows, with senior officials in the country expressing concern that the U.S.’s loose monetary policy might send excessive amounts of money into emerging markets.
China’s consumer price index rose 4.4% in October, accelerating from September’s 3.6% rise to its highest level in two years.
Read the full article on
Wall Street Journal.
This gives the current discussions between China and the United States a remarkable new aspect. From the Chinese point of view a comprehensive step to limit the risk of an inflation, but a good idea to seek the right step for lasting national and international stability?
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