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Beijing unveils rules on foreigners buying homes
(Xinhua)
Updated: 2007-02-05 10:48
Foreigners in Beijing must prove they have worked or studied in China for more than a year before they are allowed to buy homes for their own use in the city, according to new regulations.
The rules, jointly issued by the construction committee, foreign affairs office, public security bureau, industry and commerce bureau and commerce bureau of Beijing, said they can obtain the certificate from the exit and entry office of the Beijing Municipal Public Security Bureau.
The rules forbid foreigners to buy houses not for their own use unless they they establish a business in China.
According to the rules, branches or offices of foreign organizations are allowed to buy property for their own use after submitting certificates of their identities to relevant authorities.
Foreign embassies in China, representative offices of international organizations and people who enjoy diplomatic privileges need to obtain approval from the Ministry of Foreign Affairs to buy a property.
Many foreigners have bought property in China hoping to profit from both escalating housing prices and the appreciation of China's currency, the yuan, the Beijing Morning Post reported on Saturday.
However, they have driven property prices to exorbitant levels the ordinary Chinese people cannot afford
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