According to a new rule issued by Ministry of Housing and Urban-Rural Development (MHURD) on November 15th, each foreign national who has been living and working in China for more than one year is allowed to buy no more than one home in mainland China. Overseas institutions can only buy non-residential properties in cities where they were registered.
Unlike the past regional regulations, this new policy is implemented across the nation, which means if one already has a house in Shanghai, he / she will not be allowed to buy a second home in Beijing. According to Beijing News, there were about 2,000 homes sold to foreigners in Beijing last year.
According to MHURD, the regulation is intended to “counter the effect of international hot money pouring into mainland Chinese real estate market and to cater to the domestic demand.”
The big headline today announces that now one can go to the Public Security Bureau and check another individual’s residential information if consent from the second person has been obtained. The big image shows a 28-story building on fire. 53 people were already dead, and a lot more were injured.
- The Beijing News (Chinese): Overseas citizen in China can only buy one house